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Correlation GBPUSD and BRENT

Correlation GBPUSD and BRENT | 10 June 2019

10 June 2019, GBP/USD

Correlation GBPUSD and BRENT

GBPUSD trading plan:

Good and bad news for the British currency. The bad news is that investment funds are increasing sales of the British currency. The CFTC report shows the maximum sales of the British currency over the past three months. The good news is the bullish rally in the oil market because there is a correlation between GBPUSD and BRENT. Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June. Supply has also been limited by U.S. sanctions on oil exports from Venezuela and Iran. Washington tightened pressure on Venezuela's state-owned oil company by making clear that exports of diluents by international shippers could be subject to sanctions. We are expecting the price of BRENT to rise to the psychological level of 65.00 this week.

Trading recommendation: range 1.2685 -1.2770.

David Johnson
Analyst of «FreshForex» company
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