20 May 2020, GBP/USD
GBPUSD trading plan:
Britain's inflation rate sank in April to its lowest since August 2016. The Bank of England says inflation could fall below 1% in the next few months. BoE Deputy Governor Ben Broadbent said it might go below zero around the end of 2020 although he did not think that would mark the start of a long period of deflation. This is a negative signal for the British currency. The good news for the pound is a bullish rally in the oil market, as the British currency and oil are correlated. An American Petroleum Institute report showed that supplies in Cushing, Oklahoma, fell by 5.04 million barrels last week, according to people familiar. U.S. crude stockpiles fell 4.84 million barrels, according to the report.
Trading recommendation: range 1.2190 -1.2260.
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