Good and bad news for the British currency. The good news is a bullish rally in the oil market as the pound correlates with oil. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. OPEC+, which includes ally Russia, agreed in Vienna to reduce its output limit by another 500,000 barrels a day, adding to the previous 1.2 million bpd pact that will remove 1.7% from world supply altogether. The bad news for the British currency is the positive macroeconomic statistics from the United States. The unemployment rate ticked back down to its lowest level in nearly half a century and wage gains remained near their strongest in a decade, the Labor Department’s closely watched monthly employment report.
Trading recommendation: range 1.3136 -1.3186.
Origin: FreshForex
