The bullish rally in the British currency | 02 اكتوبر 2019
02 اكتوبر 2019, GBP/USD
GBPUSD trading plan:
We are expecting a bullish rally in the British currency. Investors are expecting the Federal Reserve to cut interest rates on October 30. This factor caused a decline in the yield of US government bonds. The Institute for Supply Management's index of factory activity, one of the most closely-watched data on U.S. manufacturing, dropped 1.3 points to 47.8, the lowest level since June 2009. A reading below 50 indicates contraction in the manufacturing sector. Markets had been expecting the index to rise back above 50.
Trading recommendation: Buy 1.2259 and take profit 1.2304.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
