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

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.