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Correlation between the British currency and oil

Correlation between the British currency and oil | 17 May 2021

17 May 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency as the pound correlates with BRENT. The yield on benchmark 10-year U.S. Treasury notes fell 2.4 basis points to 1.644%, roughly midpoint of a trading range its held after briefly spiking above 1.7% in mid-March. This is a positive signal for the oil market! «We indicated that we will continue to increase our holdings of Treasury securities by at least $80 billion per month and our holdings of agency mortgage-backed securities by at least $40 billion per month until substantial further progress, measured relative to the December 2020 announcement, has been made toward our maximum-employment and price-stability goals.» the Vice Chair Fed Richard H. Clarida said. This factor will provide additional support to the oil market.

Investment idea: buy 1.4070 and take profit 1.4135.

David Johnson
Analyst of «FreshForex» company
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