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Good news for the British currency

Good news for the British currency | 04 February 2020

04 February 2020, GBP/USD

Good news for the British currency

GBPUSD trading plan:

Good news for the British currency. Britain's manufacturing sector emerged from its longest decline. The IHS Markit/CIPS purchasing managers' index rose to the no-change level of 50.0 from 47.5 in December. "Reduced levels of political uncertainty following the general election led to mild recoveries in new orders and business confidence and a stabilization of production volumes," IHS Markit said. Investors are increasing short positions in the oil market which will have a negative impact on the value of the pound. The officials from OPEC+ are considering to convene an emergency ministerial meeting later this month to consider new production cuts, according to the report. This factor will provide additional support for the British currency.

Trading recommendation: Buy 1.2955 and take profit 1.2992.

David Johnson
Analyst of «FreshForex» company
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