Correlation between British currency and oil | 08 اكتوبر 2019

GBPUSD trading plan:

Good news for the British currency. The bullish rally in the oil market as there is a correlation between sterling and black gold. In an effort to support prices, Nigeria announced yesterday that it and other OPEC members were ready to trim production further. Geopolitical tensions in the Middle East have a positive impact on the cost of hydrocarbons. The deadly anti-government unrest has gripped Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries. Iraq’s oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks.

Trading recommendation: Buy 1.2275 and take profit 1.2310.

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