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Correlation of the British currency and oil

Correlation of the British currency and oil | 31 December 2019

31 December 2019, GBP/USD

Correlation of the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. In the Middle East, the United States carried out air strikes on Sunday in Iraq and Syria against the Kataib Hezbollah militia group, while protesters in Iraq on Saturday forced the closure of its southern Nassiriya oilfield. U.S. officials said the air strikes in response to the killing of a U.S. civilian contractor in a rocket attack on an Iraqi military base were successful, but warned that "additional actions" may still be taken. Libyan state oil firm NOC said it is considering the closure of its western Zawiya port and evacuating staff from the refinery located there due to clashes nearby.

Trading recommendation: Buy 1.3089 and take profit 1.3138.

David Johnson
Analyst of «FreshForex» company
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