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Correlation between oil and the pound

Correlation between oil and the pound | 14 August 2020

14 August 2020, GBP/USD

Correlation between oil and the pound

GBPUSD trading plan:

The positive dynamics of the oil market forces investors to increase long positions in the British currency, as assets correlate with each other. China’s economic recovery continued in July, with industry growing at the same pace as June due to overseas demand. This is a positive signal for the oil market! IEA said that world markets should tighten during the rest of the year as activity recovers and Saudi Arabia and other OPEC nations keep production in check.

Trading recommendation: Buy 1.3060 and take profit 1.3110.

David Johnson
Analyst of «FreshForex» company
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