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Correlation between the British currency and oil

Correlation between the British currency and oil | 27 October 2020

27 October 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The uptrend in the oil market will have a positive impact on the value of the British currency as assets correlate. The record-breaking 11th hurricane on its way into the Gulf of Mexico. Hurricane Zeta is due to make U.S. landfall on Wednesday, with U.S. rigs and refineries shutting down in preparation for it its arrival. The Organization of the Petroleum Exporting Countries, has been planning to ease previously agreed production cuts, however, this is looking increasingly unlikely in the present climate, with OPEC Secretary General Mohammad Barkindo saying on Monday: ““We have no illusions, this recovery will take a long time,” at the virtual 2020 India Energy Intelligence Forum.

Trading recommendation: Buy 1.3000 and take profit 1.3040.

David Johnson
Analyst of «FreshForex» company
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