Correlation between oil and the British currency | 03 April 2020

03 April 2020, GBP/USD

Correlation between oil and the British currency

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Trump tweeted. The Saudi Press Agency reported that Saudi Arabia had called for an urgent meeting of the OPEC+ group of producers "in appreciation of the US president's request".

Trading recommendation: Buy 1.2350 and take profit 1.2440.

David Johnson
Analyst of «FreshForex» company
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