Correlation GBPUSD and #WTI | 24 Juni 2019

GBPUSD trading plan:

The decline in the yield of U.S. government bonds has a negative impact on the value of the dollar. Investors sell's the dollar and buy other assets. Against this background, we see a high demand for the British currency. Bullish rally in the oil market has a positive impact on the value of the British currency, as there is a correlation GBPUSD and #WTI. Oil clinched its best week in 2 years, rising more than 9%, after Tehran’s Islamic Revolutionary Guard Corps said it shot down the U.S. RQ-4A Global Hawk surveillance drone, which it accused of incursion and spying over Iranian airspace. Trump tweeted today that he was close to ordering a missile strike on Iran. Geopolitical tensions are forcing investors to buy oil contracts.

Trading recommendation: Buy 1.2721 and take profit 1.2770.