Bullish rally on the British currency | 21 Juni 2019

21 Juni 2019, GBP/USD

Bullish rally on the British currency

GBPUSD trading plan:

We are expecting the continuation of the bullish rally on the British currency today. The Bank of England kept interest rates on hold at 0.75%, but stuck to its message that it plans to raise rates despite an ongoing lack of clarity on BREXIT. “Underlying growth in the U.K. appears to have weakened slightly in the first half of the year relative to 2018 to a rate a little below its potential”, the BoE statement said. Bullish rally in the oil market will have a positive impact on the value of the British currency as there is a correlation between GBPUSD and BRENT. Investors buy's oil contracts against the backdrop of reduced hydrocarbon production in North America and OPEC+.

Trading recommendation: Buy 1.2690 and take profit 1.2740.

David Johnson
Analyst of «FreshForex» company
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