22 November 2021, GBP/USD
GBPUSD trading plan:
Speculators reduced their net long U.S. dollar positions in the latest week, according to U.S. Commodity Futures Trading Commission data. The value of the net long dollar position fell to $18.30 billion in the week ended Nov. 16, compared with a net long of $18.75 billion the previous week. This is a positive signal for the British currency. Additional support for the pound will be provided by positive macroeconomic statistics from the UK. Retail sales volumes rose by 0.8% month-on-month in October, the Office for National Statistics said. Retail sales are now 5.8% above the level of February 2020, before the COVID-19 pandemic. The rebound in retail sales in October and the further improvement in the public finances will add to expectations that the Bank of England will raise interest rates from 0.10% to 0.25% in December.
Investment idea: buy 1.3420 and take profit 1.3490.
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