Correlation between oil and the British currency | 06 أغسطس 2020
06 أغسطس 2020, GBP/USD
GBPUSD trading plan:
The bullish rally in the oil market will have a positive impact on the value of the British currency. Geopolitical tensions in the Middle East are forcing investors to increase long positions in the oil market. As traders fear disruptions in the supply of black gold from the Persian Gulf. In the European interbank market, the three-month dollar rate of Libor, which is the benchmark, has been below 0.25% for three consecutive days, indicating a surplus of dollars on the interbank market. This is a negative signal for the dollar.
Trading recommendation: Buy 1.3055 and take profit 1.3101.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
