The bullish rally in the oil market

06 10月 2021, GBP/USD

The bullish rally in the oil market

GBPUSD trading plan:

A bullish rally in the oil market will have a negative impact on the value of the US currency, since assets have an inverse correlation. U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. The crude prices climbed on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it further. OPEC+ increase was well below what the market was expecting, considering the energy crunch across the globe.

Investment idea: buy 1.3588 and take profit 1.3658.

David Johnson
Analyst of «FreshForex» company
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