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Correlation of the British currency and oil

Correlation of the British currency and oil | 27 December 2019

27 December 2019, GBP/USD

Correlation of the British currency and oil

GBPUSD trading plan:

We are expecting the development of an uptrend in the British currency. A bullish rally in the oil market will have a positive impact on the value of the pound. WTI rose further above $61.5 a barrel to its highest in over three months. The American Petroleum Institute, an oil industry group, that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by traders. WTI has still rallied 35.6 percent in 2019, supported by supply cuts by the Organization of Petroleum Exporting Countries and allies including Russia.

Trading recommendation: Buy 1.2985 and take profit 1.3027.

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David Johnson
Analyst of «FreshForex» company
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