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Correlation between oil and the British currency

Correlation between oil and the British currency | 06 April 2020

06 April 2020, GBP/USD

Correlation between oil and the British currency

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. Crude prices also jumped on data showing that drillers had cut the number of rigs actively pumping oil by 62 this week, the most in a week since 2015. The OPEC+ oil cartel is pressing to form a global coalition to cut output and stem the historic rout in crude prices. Vladimir Putin said Russia is in “close contact” with Saudi Arabia, and had contacts with the U.S. A deal with non-OPEC+ nations including the U.S. would set a historic precedent.

Trading recommendation: Buy 1.2250 and take profit 1.2340.

David Johnson
Analyst of «FreshForex» company
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