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The oil market can help GBP

The oil market can help GBP | 28 June 2019

28 June 2019, GBP/USD

The oil market can help GBP

GBPUSD trading plan:

Investors are waiting for the final election of the Prime Minister of the United Kingdom. Political uncertainty forces traders to make cautious deals on the British currency. The oil market can help GBPUSD. We are expecting the continuation of the bullish rally in the oil market. OPEC+ pushes for cuts till the year end that could heighten the rally in oil. The Saudi-led OPEC meets on July 1 among its 14 members and a day later with the group of 10 oil-producing allies led by Russia to talk about extending supply cuts. We are expecting an increase in the value of BRENT to the level of 67.00, which will have a positive impact on the value of the British currency.

Trading recommendation: Buy 1.2660 and take profit 1.2708.

David Johnson
Analyst of «FreshForex» company
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