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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 11 February 2020

11 February 2020, GBP/USD

GBPUSD trading plan:

A bearish rally in the oil market will have a negative impact on the value of the British currency, as there is a correlation between GBPUSD and BRENT. Crude prices fell for a third-straight day on Moscow’s hesitation to greenlight a 600,000-barrels-per-day output cut proposed by an OPEC technical committee to counter the coronavirus crisis. Russian Energy Minister Alexander Novak said his administration needed more time to decide whether to join additional oil output cuts proposed by the OPEC technical committee because it had reasons to believe U.S. crude production growth could slow while global demand appeared solid.

Trading recommendation: Sell 1.2925 and take profit 1.2905

David Johnson
Analyst of «FreshForex» company
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