31 Juli 2020, GBP/USD
GBPUSD trading plan:
Negative macroeconomic statistics from the United States have a positive impact on the value of the British currency. U.S. GDP declined at an annualized rate of 32.9% in the second quarter of 2020, less bad than the expected decline of 34.5%, but still the biggest decline on record. At the same time, the Labor Department said that the number of Americans making initial claims for jobless benefits rose for the second straight week, albeit by only 12,000, to 1.434 million. Fed Chairman Jerome Powell stressed that it’s too early to say how badly a spike in cases will impact the US chances of economic recovery. However, he did say that the data indicated that recovery had slowed so far.
Trading recommendation: Buy 1.3105 and take profit 1.3155.