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Correlation between GBPUSD and BRENT

Correlation between GBPUSD and BRENT | 09 October 2020

09 October 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

Britain's economy struggled to grow in August, setting back its recovery from the coronavirus lockdown. Gross domestic product rose by 2.1% from July. More than half of the economy's growth in August came from accommodation and food, where output surged by 71.4% thanks to the government's one-month meals subsidies, more people taking holidays in Britain and the easing of lockdown restrictions. A bullish rally in the oil market will have a positive impact on the value of the British currency. The supplies from Norway could be slashed by up to 25% due to a strike by oilworkers. Non-OPEC production is going to take a big hit over the next couple of weeks and this will continue to drive the rebalancing of the oil market.

Trading recommendation: Buy 1.2938 and take profit 1.2980.

David Johnson
Analyst of «FreshForex» company
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