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Correlation between oil and the British currency

Correlation between oil and the British currency | 23 November 2020

23 November 2020, GBP/USD

Correlation between oil and the British currency

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. Pfizer Inc applied to U.S. health regulators for emergency use authorization of its COVID-19 vaccine, the first such application in a major step toward providing protection against the new coronavirus. Pfizer and German partner BioNTech SE reported final trial results that showed the vaccine was 95% effective in preventing COVID-19 with no major safety concerns. The FDA said on Friday it would hold a meeting of the advisory committee on Dec. 10 at which members would discuss the vaccine. This is a positive signal for the oil market!

Investment idea: Buy 1.3281 and take profit 1.3350

David Johnson
Analyst of «FreshForex» company
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