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Correlation between the British currency and oil

Correlation between the British currency and oil | 10 June 2021

10 June 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The uptrend in the oil market will have a positive impact on the value of the British currency, as the assets are correlated with each other. U.S. crude oil stockpiles that include the Strategic Petroleum Reserve fell for the 11th straight week as refiners ramped up output. Acceleration in coronavirus vaccinations and rising traffic numbers are a plus for demand for transportation fuel. The OPEC+ countries plan to gradually increase the supply of black gold. According to the calculations of the oil cartel, this year the supply deficit is expected at the level of 1 million bpd.

Investment idea: buy 1.4070 and take profit 1.4170.

David Johnson
Analyst of «FreshForex» company
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