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Correlation between the British currency and oil

Correlation between the British currency and oil | 15 June 2021

15 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. The prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. The members of the Organization of Petroleum Exporting Countries along with major producers including Russia - a group known as OPEC+ - have been withholding output to support prices amid the pandemic.

Investment idea: buy 1.4100 and take profit 1.4145.

David Johnson
Analyst of «FreshForex» company
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