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Correlation of the British currency and oil

Correlation of the British currency and oil | 07 May 2019

07 May 2019, GBP/USD

Correlation of the British currency and oil

GBPUSD trading plan:

The positive day for the British currency. Investors are buy oil, which will have a positive impact on the value of the United Kingdom currency. Axios quoted Israel's Channel 13 diplomatic correspondent Barak Ravid as saying that Israel has passed information to the U.S. about an alleged Iranian plot to attack U.S. interests in the Persian Gulf. Geopolitical tensions in the Middle East will cause BRENT oil to rise to $ 74/barrel. Iran may close the Strait of Hormuz to oil tankers. This process will cause a collapse of the oil market. Investors are concerned about this news.

Trading recommendation: Buy 1.3104 and take profit 1.3150.

David Johnson
Analyst of «FreshForex» company
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