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Correlation between the British currency and oil

Correlation between the British currency and oil | 22 Julio 2021

22 Julio 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, since assets are correlated with each other. The weighing on the market is the agreement on Sunday by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+. From August until December 2021 the group will increase supply by a further 2 million bpd or 0.4 million bpd a month, OPEC said in a statement. According to OPEC, the peak of the deficit will happen just in the current month and will amount to 2.5 million bpd. This is a positive signal for oil prices!

Investment idea: buy 1.3689 and take profit 1.3770.

David Johnson
Analyst of «FreshForex» company
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