Correlation between the British currency and oil | 29 December 2020

29 December 2020, GBP/USD

GBPUSD trading plan:

The rally in the oil market will have a positive impact on the value of the British currency, as assets are correlated with each other. The Senate vote comes after the House of Representatives voted in favor of U.S. President Donald Trump’s demand to increase the amount of the COVID-19 relief checks from $600 to $2,000. Oil had climbed as much as 1% during the previous session over the news that Trump had signed the $2.3 trillion pandemic bill on Sunday. Russian Deputy Prime Minister Alexander Novak said on Monday he expected there would be 5 million to 6 million bpd additional oil demand in 2021.

Investment idea: Buy 1.3468 and take profit 1.3535.

David Johnson
Analyst of «FreshForex» company
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