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Good and bad news for the British currency

Good and bad news for the British currency | 05 April 2021

05 April 2021, GBP/USD

Good and bad news for the British currency

GBPUSD trading plan:

Good and bad news for the British currency. An uptrend in the oil market will have a positive impact on the value of the pound, as the assets are correlated with each other. Under Thursday’s deal, cuts implemented by OPEC+ would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April. Russian Deputy Prime Minister Alexander Novak said he hoped global oil inventories, a key parameter for the oil industry, would return to their normal level in 2-3 months. The bad news for the British currency is the positive statistics on the labor market in the United States. The data showing a surge in the hiring of Americans in March pointed to a U.S. economic recovery that is poised to be the strongest in decades.

Investment idea: range 1.3760 -1.3860.

David Johnson
Analyst of «FreshForex» company
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