Correlation of the British currency and oil | 28 أبريل 2020
28 أبريل 2020, GBP/USD
GBPUSD trading plan:
The bearish rally in the oil market will have a negative impact on the value of the British currency. Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. Oil prices weakened again on persistent concerns about oversupply and a lack of storage space. The front-month contract was trading at lower-than-usual volumes on Monday as investors moved to later months in futures contracts.
Trading recommendation: Sell 1.2430 and take profit 1.2400.
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.
