The bullish rally in the British currency | 02 October 2019

02 October 2019, GBP/USD

The bullish rally in the British currency

GBPUSD trading plan:

We are expecting a bullish rally in the British currency. Investors are expecting the Federal Reserve to cut interest rates on October 30. This factor caused a decline in the yield of US government bonds. The Institute for Supply Management's index of factory activity, one of the most closely-watched data on U.S. manufacturing, dropped 1.3 points to 47.8, the lowest level since June 2009. A reading below 50 indicates contraction in the manufacturing sector. Markets had been expecting the index to rise back above 50.

Trading recommendation: Buy 1.2259 and take profit 1.2304.

TRADE METALS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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