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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 08 June 2020

08 June 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

British Prime Minister Boris Johnson is willing to accept European Union tariffs on some British goods in an attempt to win a trade deal and break the deadlock in talks with the EU. EU and British negotiators said they had made very little progress in their latest round of talks about a Brexit free trade agreement, with just weeks left to extend a year-end deadline to reach a deal. This is a positive signal for the British currency. Additional support for the pound will be provided by a bullish rally in the oil market. The global demand recovery continues in the coming months, the oil market will still be in deficit even after the OPEC+ group relaxes the current cuts from 9.7 million bpd to 7.7 million bpd.

Trading recommendation: Buy 1.2660 and take profit 1.2730.

David Johnson
Analyst of «FreshForex» company
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