BoE refrained from boosting its bond-buying program | 07 May 2020

07 May 2020, GBP/USD

BoE refrained from boosting its bond-buying program

GBPUSD trading plan:

Bank of England refrained from boosting its bond-buying program and held its benchmark interest rate steady. This is a positive signal for the British currency. The central bank has already slashed interest rates to a record low 0.1% and pledged to buy 200 billion pounds of debt. The uptrend in the oil market will have a positive impact on the value of the pound. Oil prices were supported by data showing Chinese crude imports rose last month. Imports climbed to 10.42 million barrels day (bpd) in April from 9.68 million bpd in March, based on customs data for the first four months of 2020. Overall exports from China also rose against expectations of a sharp drop.

Trading recommendation: Buy 1.2345 and take profit 1.2420.

David Johnson
Analyst of «FreshForex» company
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