Good and bad news for the British currency | 02 May 2019

02 May 2019, GBP/USD

Good and bad news for the British currency

GBPUSD trading plan:

Good and bad news for the British currency. The bad news is that it is a negative release of the manufacturing PMI in the United Kingdom. British factories lost some of the boost from pre-Brexit stockpiling last month. The IHS Markit PMI dropped to 53.1 in April from March's 13-month high of 55.1. Uncertainty around the terms of Britain's exit from the EU, originally scheduled for March 29, had previously prompted factories to load up on parts and materials at the fastest rate in the 27-year history of the PMI surveys. The good news for the British currency is the bullish trend in the oil market, as there is a correlation between oil and GBPUSD. U.S. sanctions on Iranian oil exports will start today. This factor will have a positive impact on the cost of oil.

Trading recommendation: range 1.3000 -1.3070.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus