24 April 2020, GBP/USD
GBPUSD trading plan:
Good and bad news for the British currency. Retail sales across the UK have fallen at a record pace under the lockdown, but demand for alcohol has soared - retail sales volume fell by 5.1% in March. That’s the largest monthly fall since the series began, and shows the impact of shutting non-essential stores last month. The Office for National Statistics reports that sales at clothing stores tumbled nearly 35% during the month, but supermarket stores posted a 10.3% jump in sales volumes. We are expecting the development of an uptrend in the oil market. This is a positive factor for the British currency, since assets are correlated with each other. Continental Resources stopped all drilling and shut in most of its wells in the state's Bakken shale field. State officials say production has already dropped by about 300,000 bpd. This month, rival operator in North Dakota Whiting Petroleum became the first major shale producer to file for bankruptcy.
Trading recommendation: range 1.2280 -1.2350.
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