07 April 2020, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. The good news is a bullish rally in the oil market, as the British currency is correlated with “black gold”. No one is interested in low oil prices. Russia and Saudi Arabia are “very, very close” to an agreement to cut production. We are expecting testing of the psychological level of 35.00 for BRENT. Weak macroeconomic statistics from the UK will have a negative impact on the value of the pound. The construction Purchasing Managers' Index tumbled to 39.3 in March from 52.6 in February, its lowest since April 2009 and well below economists' average forecast of 44.0. IHS Markit said building companies reported stoppages last month as they sought to comply with guidance to keep workers 2 metres apart where safe to do so, as well as a big fall in new orders.
Trading recommendation: range 1.2240 -1.2340.
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