11 May 2020, GBP/USD
GBPUSD trading plan:
The bullish rally in the oil market will have a positive impact on the value of the British currency. For the week, #BRENT was up 20% gain as investors bet on slumping oil production and nascent recovery in demand from a reopening of the U.S. economy from Covid-19 lockdowns. Positive macroeconomic statistics from the UK will provide additional support to the pound. British consumer confidence edged up in late April. GfK, a polling firm, said its consumer confidence index - which it is now publishing every two weeks - rose to -33 in the April 20-26 period from -34 during the first half of the month. "We are recording small improvements in our personal finances and the wider economic picture for the next 12 months, key indicators when gauging optimism for our path to recovery", GfK's client strategy director Joe Staton said.
Trading recommendation: Buy 1.2385 and take profit 1.2430.
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