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Correlation GBPUSD and BRENT

Correlation GBPUSD and BRENT | 26 June 2019

26 June 2019, GBP/USD

Correlation GBPUSD and BRENT

GBPUSD trading plan:

British retail sales plunged this month at the fastest annual pace in 10 years. The Confederation of British Industry's monthly retail sales balance fell to -42 from -27 in May. Investors fear a slowdown in economic growth in the United Kingdom. Political instability due to BREXIT has a negative impact on British business. This is a negative signal for the British currency. The positive dynamics of the oil market may have a positive impact on the value of the British currency, as there is a correlation between GBPUSD and BRENT. Investors are expected the extension of the OPEC+ agreement on July 2, which will have a positive impact on the cost of oil.

Trading recommendation: range 1.2645 -1.2730.

David Johnson
Analyst of «FreshForex» company
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