30 March 2020, GBP/USD
GBPUSD trading plan:
Ratings agency Fitch cut Britain's sovereign debt rating, saying the country's debt levels would jump as the government ramped up its spending to offset the near shutdown of the economy in the face of coronavirus COVID-19. Fitch downgraded the country by one notch to 'AA-'. "The downgrade also reflects the deep near-term damage to the UK economy caused by the coronavirus outbreak and the lingering uncertainty regarding the post-Brexit UK-EU trade relationship", Fitch said. "Over the medium term, we expect public debt to peak at well above 100% of GDP beyond 2025 assuming a gradual reduction in fiscal deficits and trend GDP growth of 1.6%," it said. This is a negative signal for the British currency!
Trading recommendation: Sell 1.239 and take profit 1.2300.
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