Correlation between the British currency and oil | 05 February 2021

05 February 2021, 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 the assets are correlated with each other. Oil prices climbed to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. The OPEC + this week reaffirmed its support for deep supply cuts which have helped to bring down swollen global crude stockpiles. Chinese demand for crude oil is also helping support the market. When demand drives commodity prices, it has a more bullish impact and leaves a more lasting reflection on price action.

Investment idea: Buy 1.3660 and take profit 1.3711.

One of the highest demand products in FreshForex is invest-portfolios.

Invest-portfolio is an optimal tool for both beginners and experienced traders due to its high efficiency and low work efforts. This is the fifth portfolio developed by FreshForex specialists. In 2020, we proposed traders four investment portfolios, each of which demonstrated positive results. The total return was 71.5%.

2 steps to get the Invest-portfolio:

1. Fund your trading account with $50 or more from February 1 to 26, 2021.

2. Send a request to school@freshforex.com with your account number funded.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus