The uptrend in oil is positive for the pound | 11 Junio 2021
11 Junio 2021, GBP/USD
GBPUSD trading plan:
Brent topped $72 a barrel this week for the first time in more than two years. The market is firming in a bullish structure. The prompt time spread for Brent was 55 cents in backwardation -- where near-dated prices are more expensive than later-dated ones. That compares with 38 cents on Monday. Oil demand will jump by about 5 million barrels a day -- or roughly 5% -- in the second half of 2021 compared with the first half, according to a report from OPEC. This is a positive signal for oil and the British currency, as the assets are correlated with each other.
Investment idea: buy 1.4162 and take profit 1.4225.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
