Positive macroeconomic statistics from the UK | 07 فبراير 2020

07 فبراير 2020, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

We are expecting an uptrend to develop. British retailers had their biggest increase in sales in six years in January as Prime Minister Boris Johnson's sweeping election win and price-cutting encouraged consumers to spend more. Accountancy firm BDO said its High Street Sales Tracker found sales jumped by 5.7% last month, the biggest annual rise since January 2014, with gains seen across all sectors. Russia said it backs a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic. This is a positive signal for the oil market and the British currency, as the two instruments are correlated.

Trading recommendation: Buy 1.2920 and take profit 1.2955

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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.
David Johnson
Analyst of «FreshForex» company
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