08 February 2021, GBP/USD
GBPUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the British currency, as the assets are correlated with each other. The market has been cheered by the way OPEC’s monthly meeting on output policy played out, with no extra output agreed and plenty of evidence of output quotas being observed. Nigerian output in particular has now fallen to a level that almost compensates entirely for its overproduction last summer, partly due to disruptions at some of its export facilities. In addition, another week of clear drawdown’s in U.S. and international inventories has convinced many that the market is set to tighten meaningfully as demand picks up in the course of the year, pushing back-month futures contracts sharply higher.
Investment idea: Buy 1.3715 and take profit 1.3766.
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