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Correlation GBPUSD and oil

Correlation GBPUSD and oil | 22 November 2019

22 November 2019, GBP/USD

GBPUSD trading plan:

We are expecting a bullish rally in the British currency. Investors are increasing long positions in the oil market, which will have a positive impact on the value of the pound sterling, as the British currency correlates with oil. Prices had touched their highest since late September, after Bloomberg reported that the Organization of the Petroleum Exporting Countries and Russia are likely to extend existing production cuts by another three months to July 1, 2020. Investors are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests.

Trading recommendation: Buy 1.2907 and take profit 1.2975.

TRADE OILS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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