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Correlation between the British currency and oil

Correlation between the British currency and oil | 29 October 2020

29 October 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Crude prices tumbled falling below the key $40 per barrel support, after an unexpectedly large U.S. crude stockpile build for last week reported by the government reinforced concerns about depleting demand for fuel amid the worsening global outbreak of Covid-19. U.S. crude stockpiles rose 4.3 million barrels, against expectations for an increase of 1.23 million barrels, the Energy Information Administration reported. That comes a week after crude stocks fell 1 million barrels. This is a negative signal for the British currency, since the pound and oil are correlated.

Trading recommendation: Sell 1.3030 and take profit 1.2985.

David Johnson
Analyst of «FreshForex» company
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