Correlation between GBPUSD and BRENT | 13 July 2020

13 July 2020, GBP/USD

Correlation between GBPUSD and BRENT

GBPUSD trading plan:

The LIBOR rates on U.S. dollar loans are falling in the London interbank market. This is positive signal for pound sterling, since excess dollar liquidity has a negative effect on the exchange rate of the U.S. dollar. The interest rate on a three-month loan in U.S. currency in London is 0.266%. This is the minimum level for the last four years! Additional support for the pound will be provided by a bullish rally in the oil market! Investors are increasing their long positions in the hydrocarbon market. Production of OPEC+ countries in June decreased by almost 2 mln bpd compared to the previous month and reached 33.4 mln bpd. The agreement to reduce oil production this month saw 108% compliance against 89% a month earlier, according to the July report of the International Energy Agency.

Trading recommendation: Buy 1.2600 and take profit 1.2640.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus