Correlation between oil and the British currency | 06 أبريل 2020
06 أبريل 2020, GBP/USD
GBPUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the British currency. Crude prices also jumped on data showing that drillers had cut the number of rigs actively pumping oil by 62 this week, the most in a week since 2015. The OPEC+ oil cartel is pressing to form a global coalition to cut output and stem the historic rout in crude prices. Vladimir Putin said Russia is in “close contact” with Saudi Arabia, and had contacts with the U.S. A deal with non-OPEC+ nations including the U.S. would set a historic precedent.
Trading recommendation: Buy 1.2250 and take profit 1.2340.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
