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Correlation between oil and the British currency

Correlation between oil and the British currency | 06 August 2020

06 August 2020, GBP/USD

Correlation between oil and the British currency

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency. Geopolitical tensions in the Middle East are forcing investors to increase long positions in the oil market. As traders fear disruptions in the supply of black gold from the Persian Gulf. In the European interbank market, the three-month dollar rate of Libor, which is the benchmark, has been below 0.25% for three consecutive days, indicating a surplus of dollars on the interbank market. This is a negative signal for the dollar.

Trading recommendation: Buy 1.3055 and take profit 1.3101.

David Johnson
Analyst of «FreshForex» company
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