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A good day for the British currency

A good day for the British currency | 04 March 2020

04 March 2020, GBP/USD

A good day for the British currency

GBPUSD trading plan:

Positive macroeconomic statistics from the UK will have a positive impact on the value of the British currency. A measure of Britain's building industry turned positive for the first time in nearly a year in February as Prime Minister Boris Johnson's election win boosted economic sentiment for the second month in a row. The IHS Markit/CIPS UK Construction Purchasing Managers' Index rose to 52.6 from 48.4 in January. A bullish rally in the oil market will provide additional support for the British currency. OPEC+ is expected to consider deepening its existing cuts by removing a further 1 million bpd.

Trading recommendation: Buy 1.2800 and take profit 1.2861.

David Johnson
Analyst of «FreshForex» company
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