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The correlation between GBPUSD and oil

The correlation between GBPUSD and oil | 22 July 2019

22 July 2019, GBP/USD

GBPUSD trading plan:

Bullish rally in the oil market will have a positive impact on the value of GBPUSD, as the British currency is correlated with oil. Oil prices raised on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the Middle East. Iran's Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf. Libya's National Oil Corporation declared a force majeure on Saturday at the country's largest oilfield, El Sharara, after it was shut down the previous day causing a production loss of about 290,000 barrels per day.

Trading recommendation: Buy 1.2489 and take profit 1.2537.

David Johnson
Analyst of «FreshForex» company
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