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Correlation between the British currency and oil

Correlation between the British currency and oil | 17 November 2020

17 November 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, as assets are correlated with each other. OPEC+, which groups the Organization of the Petroleum Exporting Countries and its allies, including Russia, is set to hold a ministerial committee meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1. The group is leaning towards postponement of a planned January increase in oil output for at least three months to support prices as the COVID-19 pandemic continues its second wave.

Trading recommendation: Buy 1.3195 and take profit 1.3250

David Johnson
Analyst of «FreshForex» company
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