The technical correction | 31 July 2019

31 July 2019, GBP/USD

The technical correction

GBPUSD trading plan:

Investment funds will start closing short positions on the British currency today. Lower interest rates of the Federal Reserve will have a negative impact on the value of the U.S. dollar. We're expecting a technical correction. There is no reason to reverse the bearish trend now. High political risks have a negative impact on the value of the British currency. Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on Oct. 31 "no matter what". Johnson's BREXIT brinkmanship could trigger a messy divorce that would sow chaos through the world economy and financial markets.

Trading recommendation: Buy 1.2149 and take profit 1.2203.

David Johnson
Analyst of «FreshForex» company
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