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Correlation between the British currency and oil

Correlation between the British currency and oil | 10 April 2020

10 April 2020, GBP/USD

GBPUSD trading plan:

OPEC+ had tentatively agreed to cut production by about 10 million barrels a day in May and June, delegates said, effectively ending a one-month oil price war. Saudi Arabia and Russia, the biggest producers in the group, would each take output down to about 8.5 million a day. Oil’s spectacular price crash this year has threatened the stability of oil-dependent nations, forced major companies such to rein in spending and risked the very existence of small. This is a positive signal for the oil market and the British currency, as assets correlate with each other.

Trading recommendation: Buy 1.2455 and take profit 1.2490.

David Johnson
Analyst of «FreshForex» company
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