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Political compromise

Political compromise | 07 October 2021

07 October 2021, GBP/USD

GBPUSD trading plan:

Top U.S. Senate Republican Mitch McConnell said his party would allow an extension of the federal debt ceiling into December, a move that would head off a historic default with a heavy economic toll. That could provide an off-ramp to a months-long standoff between President Joe Biden's Democrats and McConnell's Republicans, who were expected on Wednesday to block a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling. "We will ... allow Democrats to use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December," McConnell said in a statement. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 1.3580 and take profit 1.3650.

David Johnson
Analyst of «FreshForex» company
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