16 February 2021, GBP/USD
GBPUSD trading plan:
The UK’s economy is likely to improve as more and more people received their first vaccine against Covid-19. GBP/USD quoted price just off a near three-year high, as data showed the U.K. had delivered 15 million first doses of Covid-19 vaccinations. Additional support for the British currency will be provided by a bullish rally in the oil market as assets are correlated with each other. The last week hedge funds and other money managers bought the equivalent of 33 million barrels in the six most traded oil futures and options contracts. The long positions in petroleum contracts have now increased for 14 consecutive weeks, which is the longest and largest rise in bullish bets on oil since early 2019.
Investment idea: Buy 1.3915 and take profit 1.3960.
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