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Correlation between the British currency and oil

Correlation between the British currency and oil | 27 April 2020

27 April 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, as the pound and black gold correlate. Oil companies are reducing their production of hydrocarbons against the background of low prices. Continental Resources, the largest oil producer in North Dakota, stopped all drilling and shut in most of its wells in the state's Bakken shale field. Russia kept its oil output unchanged through last week. President Donald Trump pledged to make funds available to oil companies. This is a positive signal for the oil market!

Trading recommendation: Buy 1.2410 and take profit 1.2455.

David Johnson
Analyst of «FreshForex» company
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