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Correlation between the British currency and oil

Correlation between the British currency and oil | 02 July 2021

02 July 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

OPEC+ sources earlier said the plan, on which top OPEC+ producers Saudi Arabia and Russia had reached a preliminary agreement, would see output rise by 0.4 million bpd a month from August to December 2021 to meet rising global demand. Responding to oil demand destruction caused by the COVID crisis, OPEC+ had last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd. Moscow and Riyadh had also proposed extending the duration of cuts until the end of 2022 to avoid a new glut next year. This is a positive signal for the oil market and the British currency, since the assets are correlated with each other.

Investment idea: buy 1.3730 and take profit 1.3790.

David Johnson
Analyst of «FreshForex» company
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