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Correlation of the British currency and oil

Correlation of the British currency and oil | 28 Abril 2020

28 Abril 2020, GBP/USD

Correlation of the British currency and oil

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.

David Johnson
Analyst of «FreshForex» company
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