03 January 2020, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. British factory output fell in December at the fastest rate since July 2012. The output gauge in the IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index fell to 45.6 from 49.1 in November. Readings below 50 denote contraction. IHS Markit said investment demand remained weak in December, but there was stronger demand for consumer goods domestically and for export. This is negative news for the pound. Geopolitical tensions in the Middle East will have a positive impact on the cost of oil. This is a positive factor for the British currency. The U.S. military carried out air strikes against Iran-backed Katib Hezbollah militia group. Angry at the air strikes, protesters stormed the U.S. Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops.
Trading recommendation: range 1.3100 -1.3175.
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