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Geopolitical tensions

Geopolitical tensions | 16 October 2023

16 October 2023, GBP/USD

Geopolitical tensions

GBPUSD trading plan:

The greenback’s renewed strength in large part also reflects growing economic and geopolitical uncertainty in the wake of the new war between Hamas and Israel. The International Energy Agency this week described market conditions as “fraught with uncertainty” but stated that the Israel-Hamas war had not yet directly impacted physical energy supplies. Gold and silver also caught a bid as investors look to safe havens given the geopolitical tensions. Geopolitical tensions in the Middle East will have a positive effect on the value of the US dollar as a defensive asset.

Investment idea: sell 1.2200 and take profit 1.2100.

David Johnson
Analyst of «FreshForex» company
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