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Correlation between the British currency and oil

Correlation between the British currency and oil | 03 November 2020

03 November 2020, GBP/USD

Correlation between the British currency 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 are correlated with each other. Russia's oil minister held talks with domestic oil companies to delay crude output increases planned for January. The Organization of the Petroleum Exporting Countries and allies including Russia, a grouping called OPEC+, slashed oil output from May to support prices and tapered the cut to 7.7 million barrels per day (bpd) in August. They are due to pare that further by 2 million bpd in January. But with soaring cases of COVID-19 in Europe and the United States and the recent swift return of oil supply from Libya following an eight-month blockade, Saudi Arabia and Russia are in favor of delaying the output increase in January.

Trading recommendation: Buy 1.2958 and take profit 1.3010

David Johnson
Analyst of «FreshForex» company
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