Positive macroeconomic statistics from the UK | 20 January 2021

20 January 2021, GBP/USD

Positive macroeconomic statistics from the UK

GBPUSD trading plan:

Business volumes in UK financial services grew for the first time in two years during the final quarter of 2020 when firms shed staff and remote working in the pandemic spurred reviews of office space, a fresh survey showed. Firms expect business volumes to grow at a slightly quicker rate in the first three months of 2021, the survey said. This is good news for the British currency! An uptrend in the oil market will provide additional support for the pound, as assets are correlated with each other. Oil prices rose on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.

Investment idea: Buy 1.3636 and take profit 1.3699.

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David Johnson
Analyst of «FreshForex» company
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