Correlation between the British currency and oil | 24 January 2020

24 January 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

We are expecting a bullish rally in the British currency. Positive macroeconomic statistics from the UK on the labor market will not allow the Bank of England to reduce interest rates at the January 30 meeting. This is a good signal for the pound! Additional support for the British currency will be provided by the dynamics of the oil market. We are expecting an uptrend to develop in the oil market. On the supply side, U.S. crude oil and distillate inventories fell last week while gasoline stockpiles grew for an 11th consecutive week to an all-time high, said the Energy Information Administration.

Trading recommendation: Buy 1.3110 and take profit 1.3155.

David Johnson
Analyst of «FreshForex» company
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