Correlation between the British currency and oil | 26 November 2020

26 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. Oil rose for a fifth day on Thursday after a surprise fall in U.S. crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. U.S. oil stockpiles fell 754,000 barrels last week, data showed, while investors in polls had predicted a 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma, delivery point for WTI, fell by 1.7 million barrels.

Investment idea: Buy 1.3370 and take profit 1.3401.

David Johnson
Analyst of «FreshForex» company
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