17 December 2019, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. The good news is a bullish rally in the oil market, as there is a correlation between the British currency and oil. Traders kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline, set to stoke oil demand in the world's biggest economies. Lower supply next year due to a planned cut by the Organization of the Petroleum of Exporting Countries and stronger economic growth expected because of the improved trade outlook between Washington and Beijing will combine to tighten the oil supply-demand balance next year. The bad news is negative macroeconomic statistics from the UK. The composite PMI, which combines the services business activity and services and manufacturing output readings, fell to 48.5 from 49.3, its lowest level since July 2016, just after the Brexit vote.
Trading recommendation: range 1.3150-1.3235.
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