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The correlation between the British currency and oil

The correlation between the British currency and oil | 05 Marzo 2021

05 Marzo 2021, GBP/USD

The correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the pound. OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Organization of the Petroleum Exporting Countries and allies, together called OPEC+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan. Traders were surprised that Saudi Arabia had decided to maintain its voluntary cut of 1 million barrels per day through April even after oil prices rallied over the past two months.

Investment idea: buy 1.3860 and take profit 1.3960.

David Johnson
Analyst of «FreshForex» company
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