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Correlation between the British currency and oil

Correlation between the British currency and oil | 03 June 2021

03 June 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 assets are correlated with each other. Market forecasters, including the Organization of the Petroleum Exporting Countries and its allies, expect that fuel demand will surpass supply in the second half of 2021. Fuel demand will be 99.8 million barrels per day (bpd) while supply of 97.5 million bpd by the end of 2021, according to OPEC+ data. This will mainly be driven by increased demand in the U.S. and China, the top two oil importers globally, as well as the U.K. which is lifting its COVID-19 lockdowns.

Investment idea: buy 1.4165 and take profit 1.4230.

David Johnson
Analyst of «FreshForex» company
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