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Correlation between GBPUSD and #WTI

Correlation between GBPUSD and #WTI | 11 July 2019

11 July 2019, GBP/USD

GBPUSD trading plan:

Bullish rally in the oil market will have a positive impact on the value of the British currency, as there is a correlation between GBPUSD and #WTI. U.S. Energy Information Administration said in its regular weekly report that crude oil inventories decreased by 9.5 million barrels in the week to July 5, versus forecasts for a draw of 3.08 million barrels. The oil major producers beginning evacuation and production shut-downs in the Gulf of Mexico on the prospects of a tropical disturbance turning into a storm later on Wednesday or Thursday. The Gulf of Mexico is home to 17% of U.S. crude oil.

Trading recommendation: Buy 1.2514 and take profit 1.2569.

David Johnson
Analyst of «FreshForex» company
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