03 March 2020, GBP/USD
GBPUSD trading plan:
Positive macroeconomic statistics from the UK will have a positive impact on the value of the British currency. The IHS Markit/CIPS purchasing managers' index rose to 51.7 from the no-change level of 50.0 in January. That was its highest since April. New orders grew at the fastest pace in 11 months and business optimism hit a nine-month high. Coronavirus - which has prompted authorities in China to shutter entire cities - plus the impact of flooding in Britain led to the biggest drop in supplier delivery times in the 28-year history of the survey. Companies used up their stocks, which pushed down inventories at the fastest rate in over seven years while shortages of some raw materials led to price increases, part of which was passed on to clients.
Trading recommendation: Buy 1.2775 and take profit 1.2815.
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