Correlation between the British currency and oil | 15 Mei 2020

15 Mei 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The good news is a bullish rally in the oil market. The British currency and BRENT correlated with each other. The IEA boosted its 2020 global demand forecast for oil by 700,000 barrels per day, noting that uptake for crude has “improved somewhat”. Demand aside, the Paris-based agency projected that U.S. production could be down as much 2.8 million barrels per day, higher than the notional 2 million barrels offered by the Trump administration under the GLOPEC output cuts deal among OPEC, Russia, the U.S. and other world oil producers. This is a positive signal for oil quotes!

Trading recommendation: Buy 1.2202 and take profit 1.2277.

David Johnson
Analyst of «FreshForex» company
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