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Correlation between oil and the pound

Correlation between oil and the pound | 26 May 2020

26 May 2020, GBP/USD

Correlation between oil and the pound

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. The oil market was buoyed by comments from Russia reporting its oil output had nearly dropped to its target of 8.5 million barrels per day for May and June under its supply cut deal with the Organization of the Petroleum Exporting Countries and other leading producers, a grouping known as OPEC+. Russian Minister of Energy Alexander Novak said overnight that rising fuel demand, as countries loosen lockdowns, could cut the current global oversupply, estimated at 7 to 12 million bpd, within the next two months.

Trading recommendation: Buy 1.2240 and take profit 1.2300.

David Johnson
Analyst of «FreshForex» company
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