All eyes are on OPEC+ | 01 Abril 2021

GBPUSD trading plan:

Oil prices were down on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, but a draw in U.S. crude inventories limited the fall. All eyes are on OPEC+. How much of an accommodation are they going to give Russia and how much the Saudis are going to shoulder? OPEC+ are currently curbing output by just over 7 million bpd in a bid to support prices and reduce oversupply. Saudi Arabia has added to those cuts with an additional 1 million bpd. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet today, to decide on output policy. This is an important event for the British currency, as the pound correlates with oil.

Investment idea: range 1.3735 -1.3820.