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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 23 March 2020

23 March 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

Britain's government will allow businesses to hold on to 30 billion pounds of value-added tax, which they would normally pass on to tax authorities over the next three months, in order to help their cash flow while they are hit by COVID-19. "That is a direct injection of over 30 billion pounds of cash to businesses, equivalent to 1.5% of GDP," Rishi Sunak said at a news conference to announce measures to support the economy. This is positive news for the British currency! The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market. Good news for the oil market and the British currency!

Trading recommendation: Buy 1.1615 and take profit 1.1700.

David Johnson
Analyst of «FreshForex» company
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