Good news for the British currency | 29 June 2021

29 June 2021, GBP/USD

Good news for the British currency

GBPUSD trading plan:

Good news for the British currency. U.S. Treasury yields fell, as the market prepared for the release of June employment data later in the week to gauge the strength of the economic recovery from the coronavirus pandemic. The benchmark 10-year yield was last down 5.4 basis points at 1.48%. The amount of cash flowing into the Fed's overnight reverse repurchase operation remained elevated on Monday at $803 billion. Volume hit a record high of nearly $813.6 billion last Wednesday. The oil market will provide additional support to the pound, since assets are correlated with each other. Shale output remains well below the January 2020 peak of 9.18 million barrels per day, with production from the seven largest fields this month running 7.77 mbpd, or 15.4% below that level, according to U.S. government data. Overall U.S. first-quarter oil production averaged 83% of last year’s peak. This is a positive signal for oil prices!

Investment idea: buy 1.3844 and take profit 1.3910.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .