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British currency and oil market

British currency and oil market | 09 May 2019

09 May 2019, GBP/USD

British currency and oil market

GBPUSD trading plan:

House prices in the UK in the three months to April stood 5.0 percent higher than a year ago, the strongest growth since February 2017, following a 2.6 percent rise in the three months to March. This is a positive signal for the British economy, which is experiencing difficulties against the background of BREXIT. Positive statistics on the oil market will have a positive impact on the value of the British currency. U.S. crude stocks fell surprisingly last week even as refineries cut output - crude inventories fell by 4 million barrels in the week to May 3. Refinery crude runs fell by 41,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.3 percentage points. Gasoline stocks fell by 596,000 barrels.

Trading recommendation: Buy 1.2990 and take profit 1.3050.

David Johnson
Analyst of «FreshForex» company
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