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The bullish rally in the British currency

The bullish rally in the British currency | 04 December 2019

04 December 2019, GBP/USD

The bullish rally in the British currency

GBPUSD trading plan:

We are expecting the bullish rally in the British currency to continue. The IHS Markit/CIPS UK Construction Purchasing Managers' Index rose to 45.3 from 44.2 in October, a four-month high. House building has suffered the least from the downturn in 2019. The oil market will provide additional support to the British currency. Oil prices rose ahead of a meeting of OPEC+ and its allies. Thamer Ghadhban, the oil minister of Iraq, told reporters in Vienna that "a deeper cut is being preferred by a number of key members". Crude oil inventories in the U.S. fell by more than expected last week, according to the industry group American Petroleum Institute. Stockpiles of crude oil fell by 3.7 million barrels. This is a positive signal for the oil market!

Trading recommendation: Buy 1.2980 and take profit 1.3025.

TRADE OILS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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