03 Junio 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. Russia and several other OPEC+ nations are to favor extending their current output cuts by a month. This is a positive signal for oil prices! The industry-funded American Petroleum Institute reported that supplies in Cushing, Oklahoma, fell by 2.2 million barrels last week. That would mark the fourth straight weekly decline if U.S. government data confirms the draw on Wednesday. U.S. crude stockpiles fell 483,000 barrels, according to the report. The latest survey of oil drilling patches by industry firm Baker Hughes on Friday 29 May showed a reduction of only 15 oil rigs this week, versus drops more than 60 per week during several weeks over 2-1/2 months.
Trading recommendation: Buy 1.2565 and take profit 1.2610.
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