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Bullish rally in the oil market

Bullish rally in the oil market | 27 June 2019

27 June 2019, GBP/USD

Bullish rally in the oil market

GBPUSD trading plan:

Political risks have a negative impact on the value of the British currency. Boris Johnson, the front-runner to become next prime minister, has made a “do or die” pledge to leave the European Union at the end of October. His opponent, Jeremy Hunt supports negotiations with the European Union. The degree of economic uncertainty over BREXIT is currently as high as it was just before the original March 29 deadline.

Bullish rally in the oil market may have a positive impact on the value of the British currency, as there is a correlation between GBPUSD and BRENT. The Energy Information Administration USA said in its regular weekly report that crude oil inventories plummeted by 12.79 million barrels in the week to June 21. This is a positive signal for the oil market! We are expecting the growth of BRENT quotes to the level of 67.10.

Trading recommendation: Buy 1.2670 and take profit 1.2717.

David Johnson
Analyst of «FreshForex» company
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