10 December 2019, GBP/USD
GBPUSD trading plan:
We are expecting the bullish rally in the British currency to continue. The increase in the index of business activity in the industrial sector signals the publication of a positive report on industrial production of Great Britain. This is positive news for the pound! The positive dynamics of the oil market will provide additional support to the British currency. OPEC+, which includes ally Russia, agreed in Vienna to reduce its output limit by another 500,000 barrels a day, adding to the previous 1.2 million bpd pact that will remove 1.7% from world supply altogether. OPEC’s de facto leader Saudi Arabia, meanwhile, pledged to cut another 400,000 bpd of its own if the rest of OPEC keep to their deal. The kingdom will pump 9.7 million barrels a day, Saudi Oil Minister Abdulaziz bin Salman said.
Trading recommendation: Buy 1.3150 and take profit 1.3195.
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