31 March 2021, GBP/USD
GBPUSD trading plan:
Britain’s economy grew more quickly than previously thought in the final three months of 2020, official data showed today. Gross domestic product increased by 1.3% between October and December last year from the previous three-month period, compared with an earlier estimate of 1.0% growth. This is a positive signal for the British currency! An uptrend in the oil market will provide additional support for the pound, as the assets are correlated with each other. Saudi Arabia is ready to support the extension of oil production cuts under the OPEC + agreement for May and June. The OPEC + Ministerial Meeting will take place on Thursday 1 April.
Investment idea: buy 1.3730 and take profit 1.3790.