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Correlation between the British currency and oil

Correlation between the British currency and oil | 10 March 2021

10 March 2021, GBP/USD

GBPUSD trading plan:

We are expecting the uptrend in the oil market to continue, which will have a positive impact on the value of the British currency, as the assets are correlated with each other. The output cuts from OPEC and allies, in force until the end of April, are widely viewed to hold the market over until fuel demand recovers, despite the widely expected short-term technical dip. Routine maintenance work on North Sea oil fields is restricting supply to Asia from some Atlantic basin supplies. North Sea supplies will continue to be significantly constrained throughout the second quarter due to maintenance.

Investment idea: buy 1.3835 and take profit 1.3900.

David Johnson
Analyst of «FreshForex» company
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