Correlation of the British currency and oil | 02 Januari 2020

02 Januari 2020, GBP/USD

GBPUSD trading plan:

We are expecting an uptrend to develop. Negative macroeconomic statistics from the United States will have a positive impact on the value of the British currency. The Conference Board’s gauge decreased to 126.5 - decline signals Americans remain cautious in a volatile global environment. Americans are less optimistic about the future, with drops in expectations for employment and income: the share of those seeing more jobs in the next six months dropped to the lowest level since January and those seeing a decrease in income rose to the highest level since May. Additional support for the pound will be provided by the positive dynamics of the oil market. Geopolitical tensions in the Middle East will have a positive impact on the cost of oil.

Trading recommendation: Buy 1.3227 and take profit 1.3290.

David Johnson
Analyst of «FreshForex» company
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