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Positive dynamics of the interbank market

Positive dynamics of the interbank market | 26 August 2020

26 August 2020, GBP/USD

Positive dynamics of the interbank market

GBPUSD trading plan:

In London, the interbank lending market has seen an increase in interest rates on loans in British pounds and a decrease in interest rates on loans in US dollars. Such dynamics indicates an increase in the GBPUSD quotes. Additional support for the British currency will be provided by a bullish rally in the oil market. Producers shutting off most offshore output in the Gulf of Mexico ahead of Hurrican Laura. As many as 310 offshore facilities have been evacuated, and around 84% of Gulf of Mexico offshore production has been shut down as the industry prepares for a major hurricane strike. Laura poses the region’s biggest storm threat since Hurricane Katrina in 2005, which caused a 90% shutdown.

Trading recommendation: Buy 1.3140 and take profit 1.3200.

David Johnson
Analyst of «FreshForex» company
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