23 June 2020, GBP/USD
GBPUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the British currency, as oil and the pound correlate with each other. The reopening of some U.S. states and countries around the world after lockdowns has helped sustain oil's recent rally as demand for fuel returns. In New York, streets were clogged with traffic as the worst affected city in the United States emerged from more than 100 days of lockdown. U.S. oil rigs contracted for drilling dropped by 10 to 189 last week, their lowest since June 2009, according to weekly data from energy services firm Baker Hughes Gas rigs fell by three to 75, the lowest on record according to data going back to 1987. This is a positive signal for oil prices!
Trading recommendation: Buy 1.2455 and take profit 1.2500.
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