04 June 2020, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. Britain's economy remained in a severe downturn in May. Export orders continued to fall and some services firms said they were not taking work from abroad due to severe restrictions on travel. "Consumer demand also remained very subdued, with large areas of the service economy still in the planning stage of restarting business operations," Tim Moore, economics director at IHS Markit, said. A bullish rally in the oil market will have a positive impact on the value of the pound. Weekly data on oil balances issued by the U.S. Energy Information Administration also suggested that America’s crude production as a whole had fallen almost 2 million barrels per day, from record highs of 13.1 million bpd in mid-March to reach 11.2 million last week.
Trading recommendation: range 1.2500 - 1.2588.
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