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Correlation of the British currency and oil

Correlation of the British currency and oil | 05 May 2020

05 May 2020, GBP/USD

Correlation of the British currency and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency. U.S drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes said. Oil and gas companies are reducing drilling activity. New York Governor Andrew Cuomo outlined a phased reopening of business activity in the state hardest hit by the COVID-19 pandemic, starting with select industries like construction and the least affected regions. Cuomo did not give a timeline, but the state's stay-at-home order is due to expire on May 15. This is a positive signal for the oil market!

Trading recommendation: Buy 1.2450 and take profit 1.2514.

David Johnson
Analyst of «FreshForex» company
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