Correlation between oil and the British currency | 10 Juli 2020

10 Juli 2020, GBP/USD

GBPUSD trading plan:

A downtrend in the oil market will have a negative impact on the value of the British currency, as assets correlate with each other. The renewed lockdowns following a surge in COVID-19 cases in the United States and elsewhere could suppress fuel demand. More than 60,500 new COVID-19 cases were reported in the United States on Thursday, setting a daily record, with Americans being told to take new precautions. Oil inventories remain bloated due to the evaporation of demand for gasoline, diesel and other fuels during the initial outbreak. U.S. crude oil inventories rose by nearly 6 million barrels last week after analysts had forecast a decline of just over half that figure. This is a negative signal for the oil market!

Trading recommendation: Sell 1.2611 and take profit 1.2570.

David Johnson
Analyst of «FreshForex» company
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