15 June 2020, GBP/USD
GBPUSD trading plan:
Good and bad news for the pound. Britain's economy shrank by a quarter over March and April as entire sectors were shuttered by the COVID-19 lockdown. "Coronavirus is likely to hit a country like the UK economically very hard, we depend on services, on human contact," Boris Johnson said. "But we're also a very resilient and a dynamic economy and we will bounce back." The US oil and gas rig count fell 7 in the week ended June 10 to 199, rig data provider Baker Hughes said, as oil-focused rigs continue to be pulled from fields. US oil production averaged at 11.1 million b/d in the week ended June 10, US Energy Information Administration weekly estimates showed, down 2 million b/d from all-time high 13.1 million b/d in mid-March. This is a positive signal for oil and the British currency.
Trading recommendation: range 1.2430 -1.2510.
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