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Correlation between the British currency and oil

Correlation between the British currency and oil | 27 August 2020

27 August 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil rigs and refineries shut ahead of a massive storm in the Gulf of Mexico racing towards Texas and Louisiana. Hurricane Laura intensified and is now forecast to bring heavy rains and catastrophic, 150 mile-per-hour winds that will drive ocean waters up to 40 miles inland, the U.S. National Hurricane Center said. Oil roducers on Tuesday shut 1.56 million barrels per day of crude output, or 84% of the Gulf of Mexico's production, evacuating 310 offshore facilities. Nine refineries that convert nearly 2.9 million barrels per day of oil into fuel, or about 15% of U.S. processing capacity, were shutting down. This is a positive signal for the British currency, as the pound correlates with oil.

Trading recommendation: Buy 1.3190 and take profit 1.3256.

David Johnson
Analyst of «FreshForex» company
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