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New budget policy

New budget policy | 26 February 2020

26 February 2020, GBP/USD

New budget policy

GBPUSD trading plan:

New finance minister Rishi Sunak will deliver the first post-Brexit budget, which is expected to entail a big increase in spending, on March 11. Under the most recent fiscal rules proposed by the governing Conservative Party, day-to-day spending would not be funded by borrowing within three years' time, public sector net investment would not average more than 3% of GDP, and spending plans would be reviewed if debt interest payments reach 6% of revenue. This is a positive signal for economic growth in the long term. This is a negative signal for the British currency.

Trading recommendation: Sell 1.3000 and take profit 1.2970.

David Johnson
Analyst of «FreshForex» company
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