The uptrend in oil is positive for the pound

11 June 2021, GBP/USD

The uptrend in oil is positive for the pound

GBPUSD trading plan:

Brent topped $72 a barrel this week for the first time in more than two years. The market is firming in a bullish structure. The prompt time spread for Brent was 55 cents in backwardation -- where near-dated prices are more expensive than later-dated ones. That compares with 38 cents on Monday. Oil demand will jump by about 5 million barrels a day -- or roughly 5% -- in the second half of 2021 compared with the first half, according to a report from OPEC. This is a positive signal for oil and the British currency, as the assets are correlated with each other.

Investment idea: buy 1.4162 and take profit 1.4225.

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