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Bullish rally in the oil market

Bullish rally in the oil market | 17 May 2019

17 May 2019, GBP/USD

Bullish rally in the oil market

GBPUSD trading plan:

Bullish rally in the oil market will have a positive impact on the value of the British currency, which has a strong correlation with the "black gold". Saudi Arabia accused Iran of ordering this week’s attack by Yemeni rebels on a key oil pipeline, stoking concerns that the world’s largest oil-producing region is edging toward another war. Earlier on Sunday, the Saudis said two of their oil tankers were damaged in attacks carried out on the vessels while they were on the Persian Gulf. Geopolitical tensions in the Persian Gulf will have a positive impact on the price of oil - we expect BRENT at 73.50.

Trading recommendation: Buy 1.2770 and take profit 1.2820.

David Johnson
Analyst of «FreshForex» company
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