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Correlation between the British currency and oil

Correlation between the British currency and oil | 27 July 2021

27 July 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, since assets are correlated with each other. Global oil markets are expected to remain in deficit despite a decision by the Organization of the Petroleum Exporting Countries and their allies to raise production through the rest of the year. The Federal Reserve increase asset purchases, which is positive for the oil market! Against this background, bankers are involved in reverse repo transactions with the Fed. Such operations are carried out only during periods of excess liquidity.

Investment idea: buy 1.3785 and take profit 1.3850.

David Johnson
Analyst of «FreshForex» company
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