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Correlation between the British currency and oil

Correlation between the British currency and oil | 12 January 2021

12 January 2021, 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. President-elect Joe Biden, who takes office on Jan. 20 with his Democratic party in control of both Houses, has promised "trillions" in extra pandemic-relief spending. U.S. crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week, a preliminary Reuters poll showed on Monday. The poll was conducted ahead of reports from industry group American Petroleum Institute on Tuesday and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, on Wednesday.

Investment idea: Buy 1.3571 and take profit 1.3610.

David Johnson
Analyst of «FreshForex» company
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