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Correlation between GBPUSD and oil

Correlation between GBPUSD and oil | 22 July 2020

22 July 2020, GBP/USD

Correlation between GBPUSD and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency. The European Union separately agreed on a $750 billion stimulus package amid work on vaccine developments for the coronavirus. House Speaker Nancy Pelosi said she hoped the Congressional Democrats she leads and President Donald Trump’s Republican side can “resolve our differences and have a bill by the end of next week” for the next U.S. fiscal response to the pandemic. A $600 per week federal unemployment benefit buoying millions of Americans expires at the end of July. Additional liquidity has a positive impact on the oil market.

Trading recommendation: Buy 1.2708 and take profit 1.2750.

David Johnson
Analyst of «FreshForex» company
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