Two reasons to open buy positions | 26 April 2019

26 April 2019, GBP/USD

GBPUSD trading plan:

Two reasons to open buy positions. The first reason for the strengthening of the British currency is the positive macroeconomic statistics from the United Kingdom. The Confederation of British Industry said the later timing of Easter this year probably helped to push its monthly sales balance up to +13. The CBI said retailers were more optimistic about sales in the month ahead than they had been in March. The second reason for the strengthening of the British currency is the bullish rally in the oil market, as GBPUSD has a direct correlation with oil. Investors buy oil contracts on fears of reducing hydrocarbon supplies from Iran and Venezuela.

Trading recommendation: Buy 1.2882 and take profit 1.2938

David Johnson
Analyst of «FreshForex» company
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