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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 16 July 2020

16 July 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

We are expecting the development of an uptrend in the oil market that will have a positive impact on the value of the British currency. The EIA said crude stockpiles fell 7.5 million barrels for the week ending July 11. The demand improvement reported by the EIA included a drawdown of 3.1 million barrels in gasoline stockpiles and nearly 1.5 million barrels in diesel-dominated distillate inventories. Analysts had expected a gasoline stockpile drop of 643,000 barrels and distillate build of nearly 1.5 million barrels for last week.

Trading recommendation: Buy 1.2535 and take profit 1.2590.

David Johnson
Analyst of «FreshForex» company
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