29 March 2022, GBP/USD
GBPUSD trading plan:
The U.S. trade deficit in goods narrowed in February, but the fall reversed only a fraction of the surge to a record high in January, suggesting that trade would again weigh on economic growth in the first quarter. The trade deficit last month fell 0.9% to $106.6 billion, the Commerce Department said on Monday. The goods trade deficit hit an all-time high of $107.6 billion in January. Exports increased 1.2% to $157.2 billion. Economists believe exports, which were not adjusted for inflation, were flattered by higher prices rather than increased volumes. A blockade of U.S-Canada border crossings by Canadian truck drivers last month likely reduced export volumes. Last month's rise in goods exports was led by a 6.3% surge in shipments of consumer goods. Food exports accelerated 3.6%, while industrial supplies increased 2.6%. But motor vehicle exports dropped 3.4% as production continued to be hampered by a global semiconductor shortage. There were also substantial declines in exports of capital goods and other goods.
Investment idea: buy 1.3060 and take profit 1.3133.
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