Correlation between GBPUSD and BRENT

26 March 2020, GBP/USD

GBPUSD trading plan:

A bullish rally in the oil market will provide additional support for the British currency. Gasoline inventories in USA fell by 1.5 million barrels, versus forecasts for a decline of about 660,000 barrels. Distillate stockpiles fell by about 680,000 barrels, compared with expectations for a drawdown of 1.9 million barrels. U.S. Secretary of State Mike Pompeo, in a telephone conversation with Crown Prince Mohammed bin Salman, the ruler of Saudi Arabia, urged the kingdom to "reassure" oil and financial markets amid global risks from Covid-19, the State Department said.

Trading recommendation: Buy 1.1800 and take profit 1.1900.

David Johnson
Analyst of «FreshForex» company
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