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A trade deal between the UK and the EU

A trade deal between the UK and the EU | 01 October 2020

01 October 2020, GBP/USD

A trade deal between the UK and the EU

GBPUSD trading plan:

The United Kingdom wants to reach a Brexit trade deal with the European Union, Business Secretary Alok Sharma said. This is a positive signal for the British currency. Geopolitical tensions between the UK and the European Union forced investors to increase short positions in the British currency. Additional support for the pound will be provided by an uptrend in the oil market, since the British currency and oil are correlated with each other. U.S. crude stockpiles fell by 2 million barrels last week. Crude stored at Cushing, Oklahoma, fell by 1.5 million barrels to stand at 263.5 million, the EIA said.

Trading recommendation: Buy 1.2825 and take profit 1.2888.

David Johnson
Analyst of «FreshForex» company
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