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The bullish rally in the oil market

The bullish rally in the oil market | 12 March 2021

12 March 2021, GBP/USD

The bullish rally in the oil market

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency as the assets are correlated with each other. Global oil demand is set to benefit from stronger economic recovery and vaccinations in the second half of this year, OPEC said, adjusting higher its outlook for the second half of 2021 and raising slightly its full-year oil demand forecast. In the third quarter, OPEC now sees demand at 97.43 million bpd, up by 400,000 bpd compared to last month’s assessment. For the fourth quarter, global oil demand is expected at 98.91 million bpd, up by nearly 1 million bpd – 970,000 bpd – compared to the estimate in February.

Investment idea: buy 1.3930 and take profit 1.3990.

David Johnson
Analyst of «FreshForex» company
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