03 July 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 assets correlate with each other. U.S. crude inventories fell 7.2 million barrels from a record high last week, far more than analysts had expected, U.S. Energy Information Administration data showed, as refiners ramped up production and imports eased. This is a positive signal for oil prices. Federal prosecutors in the United States are looking to seize Iranian gasoline on tankers currently en route to Venezuela. Iran is helping Venezuela and warned the United States in May not to interfere with any Iranian fuel shipments to Venezuela in Caribbean waters. Geopolitical tensions will have a positive impact on the cost of oil.
Trading recommendation: Buy 1.2456 and take profit 1.2480.
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