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Correlation between the British currency and oil

Correlation between the British currency and oil | 28 May 2021

28 May 2021, GBP/USD

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 British currency, as assets are correlated with each other. Oil headed higher on robust U.S. economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate removal of sanctions and that the oil market will not get quickly flooded with excess supplies. Investors expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.

Investment idea: buy 1.4180 and take profit 1.4237.

David Johnson
Analyst of «FreshForex» company
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