British currency and oil | 14 Mei 2019

14 Mei 2019, GBP/USD

British currency and oil

GBPUSD trading plan:

Bullish rally in the oil market will have a positive impact on the value of the British currency, as there is a correlation between the instruments. Geopolitical tensions in the Persian Gulf could cause an increase in the cost of oil. The sanctions have already more than halved Iranian oil exports to 1 million bpd or less, from a peak of 2.8 million bpd last year. Exports could drop to as low as 500,000 bpd from May, an Iranian official told Reuters this month. Iran has threatened to block the Strait of Hormuz - a major oil-shipping route - and disrupt crude shipments from neighboring countries if Washington succeeds in forcing all countries to stop buying Iranian oil.

Trading recommendation: Buy 1.2933 and take profit 1.3001.

David Johnson
Analyst of «FreshForex» company
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