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Bullish rally in the oil market is positive for the pound

Bullish rally in the oil market is positive for the pound | 27 August 2021

27 August 2021, GBP/USD

Bullish rally in the oil market is positive for the pound

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency, since assets are correlated with each other. Oil prices rose on worries about supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. Companies started airlifting workers from Gulf of Mexico oil production platforms on Thursday and BHP and BP said they have begun to stop production at offshore platforms as a storm brewing in the Caribbean Sea was forecast to barrel through the Gulf on the weekend. Gulf of Mexico offshore wells account for 17% of U.S. crude oil production and 5% of dry natural gas production. Over 45% of total U.S. refining capacity lies along the Gulf Coast.

Investment idea: buy 1.3682 and take profit 1.3800.

David Johnson
Analyst of «FreshForex» company
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