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Correlation between the British currency and oil

Correlation between the British currency and oil | 30 April 2021

30 April 2021, GBP/USD

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, as the assets are correlated with each other. Major cities in the U.S. are moving towards a full re-open, with New York City aiming to do so in July 2021. In Asia, a weeklong holiday in China beginning Saturday is expected to see travel numbers hit record highs. OPEC+ added to a slew of bullish calls on the outlook issued throughout the week by raising its consumption estimates for 2021. American Investment Banks forecasted oil demand will post a record jump COVID-19 vaccination rates increase.

Investment idea: buy 1.3920 and take profit 1.4006.

David Johnson
Analyst of «FreshForex» company
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