Correlation between the British currency and oil | 07 June 2021

07 June 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The 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. Brent topping $71.5 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about a patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. Oil prices drifted higher after U.S. energy firms this week cut the number of oil and natural gas rigs operating, for the first time in six weeks, data from energy services firm Baker Hughes showed.

Investment idea: buy 1.4115 and take profit 1.4185.

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David Johnson
Analyst of «FreshForex» company
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