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Correlation between the British currency and oil

Correlation between the British currency and oil | 28 April 2021

28 April 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

OPEC+'s Joint Ministerial Monitoring Committee agreed to increase global crude oil supply from May onwards after revising its demand growth forecasts for 2021 the day before. The cartel’s decision comes as the surge of COVID-19 cases in countries including India continues to cast a shadow over fuel demand. Crude oil demand is reportedly set to record its biggest climb in the next six months due to increased COVID-19 vaccination rates in Europe. This is a positive signal for the oil market and the British currency, as the assets are correlated with each other.

Investment idea: buy 1.3855 and take profit 1.3920.

David Johnson
Analyst of «FreshForex» company
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