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Correlation of British currency and oil

Correlation of British currency and oil | 29 November 2019

29 November 2019, GBP/USD

GBPUSD trading plan:

Good and bad news for the British currency. The bad news is the negative dynamics of the debt market. We are seeking a decline in UK Government bond yields. The positive news is a bullish rally in the oil market, as the British currency correlates with BRENT. Russian oil companies proposed on Thursday not to change their output quotas as part of a global deal until the end of March, when the current agreement expires, putting pressure on OPEC+ to avoid any major shift in policy when the group meets next week. Russia, other non-OPEC oil producers and OPEC nations are due to discuss their global output deal on Dec. 5-6.

Trading recommendation: range 1.2870 -1.2930.

TRADE OILS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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