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Correlation between GBPUSD and oil

Correlation between GBPUSD and oil | 04 Agosto 2020

04 Agosto 2020, GBP/USD

Correlation between GBPUSD and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency. The U.S.’s Institute for Supply Management said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of 52.6. This is a positive signal for the oil market! Meanwhile in China, the Caixin manufacturing purchasing managers’ index released on Monday also hit a four-month high of 52.8 in July, up from 51.2 in June, This cheered investors by suggesting an economic recovery could be under way that that could drive fuel demand back up.

Trading recommendation: Buy 1.3054 and take profit 1.3100.

David Johnson
Analyst of «FreshForex» company
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