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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 13 July 2020

13 July 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

The LIBOR rates on U.S. dollar loans are falling in the London interbank market. This is positive signal for pound sterling, since excess dollar liquidity has a negative effect on the exchange rate of the U.S. dollar. The interest rate on a three-month loan in U.S. currency in London is 0.266%. This is the minimum level for the last four years! Additional support for the pound will be provided by a bullish rally in the oil market! Investors are increasing their long positions in the hydrocarbon market. Production of OPEC+ countries in June decreased by almost 2 mln bpd compared to the previous month and reached 33.4 mln bpd. The agreement to reduce oil production this month saw 108% compliance against 89% a month earlier, according to the July report of the International Energy Agency.

Trading recommendation: Buy 1.2600 and take profit 1.2640.

David Johnson
Analyst of «FreshForex» company
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