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Today we earn in the foreign exchange market! Trading ideas for traders 06/24/2020: GBPUSD retains the potential for decline!

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GBPUSD is decreasing during the trading session on Wednesday. By 11:00 Moscow time, the British currency against the dollar since the opening of the day sank 0.18% and is quoted at 1.2490. The pound went down despite the fact that yesterday turned out to be extremely positive in terms of macroeconomic statistics.

 

 

AMarkets

 

 

According to published data, the composite index of business activity in Britain rose to 47.6 points against the forecast of growth to 41 points. The index of business activity in the manufacturing sector reached 50.1 against 40.7 a month earlier, and the index of business activity in the services sector rose to 47 points, recovering from 29. The subsequent statement by the head of the Bank of England, Andrew Bailey, was also filled with positive rhetoric regarding economic forecasts and Britain's early exit from the EU. At the same time, Bailey admitted that the regulator is closely monitoring the situation around COVID-19 and, if the epidemiological situation worsens, it is ready to adjust the monetary policy accordingly.

 

Positive to the market also added messages on the mitigation of quarantine measures in England. British Prime Minister Boris Johnson announced on Tuesday that since July 4, people will be able to meet in public places, restaurants, pubs and hairdressers will be open. Also from July 4, it will be possible to spend the night freely in hotels and pensions, campsites. At the same time, Johnson maintained the recommendations of social distance, explaining this by the fact that in the states a premature relaxation of restrictions led to a repeated increase in the number of cases.


Further dynamics of the GBPUSD pair will depend on whether the dollar continues to decline. Today, the US currency is growing, winning back, including strong data on the activity of the manufacturing sector and the service sector in the United States. Tomorrow, traders will be presented with data on GDP and applications for unemployment benefits. Another portion of fundamental positive may give an additional impetus to the growth of the American currency, which will lead to increased sales of the pound.


GBPUSD SellStop 1.2470 TP 1.23 SL 1.2520


Analytical reviews and comments on them reflect the subjective opinion of the authors and are not a recommendation for trading. Author Artem Deev trader analyst AMarkets Forex social network is not responsible for possible losses in case of using review materials

 

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