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Correlation between the pound and oil

Correlation between the pound and oil | 18 August 2020

18 August 2020, GBP/USD

Correlation between the pound 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 assets correlate with each other. The coalition of producers led by Saudi Arabia and Russia is restoring some of the vast quantities of crude halted during the depths of the COVID-19 crisis. So far the supply boost hasn’t derailed oil’s fragile recovery, which has seen prices climb to a five-month high. OPEC+’s joint technical committee, made up of technical experts assessing the implementation of the cuts, convened yesterday, with the compliance with July’s output cuts reportedly at around 97%.

Trading recommendation: Buy 1.3140 and take profit 1.3186.

David Johnson
Analyst of «FreshForex» company
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