02 November 2020, GBP/USD
GBPUSD trading plan:
The European Union and Britain are working hard for a Brexit trade deal but much remains to be done, EU chief negotiator Michel Barnier said. "After 7 days of intensive negotiations in London, talks continue with (UK chief negotiator) David Frost and his team in Brussels," Barnier said in a tweet. "Working hard for an agreement. Much remains to be done," he said. This is a positive signal for the British currency. A bearish rally in the oil market will have a negative impact on the value of the pound, as assets are correlated. The UAE, Kuwait, and Iraq are uncertain about extending OPEC oil production cuts into 2021, which means that come November, the OPEC deal could come into question despite the clear demand lag amid a pandemic that shows no sign of letting up.
Trading recommendation: range 1.2865 -1.2940.
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