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Correlation between the British currency and oil

Correlation between the British currency and oil | 11 November 2020

11 November 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, as assets are correlated with each other. Crude inventory dropped 5.1 million barrels, against expectations for a draw of 900,000 barrels, according to the American Petroleum Institute. It's the second big draw in a row. During the week before, crude inventory fell 8 million barrels. Weekly government data will be released later this week. The news from Pfizer and its partner BioNTech, that data from their phase III trial suggests their vaccine is “90% effective in preventing Covid-19” prompted a rush into oil.

Trading recommendation: Buy 1.3270 and take profit 1.3310

David Johnson
Analyst of «FreshForex» company
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