25 February 2021, GBP/USD
GBPUSD trading plan:
Oil prices hit 13-months highs again Wednesday after the U.S. government reported that crude production across the country fell by more than a million barrels per day last week after the mega snowstorm that blanketed Texas, the energy heartland of the country. The trade’s attention was drawn toward the production estimate of 9.7 million barrels per day at the end of the week to February 18, versus the 10.8 million bpd projected during the week to February 11. Production is down 1.1 million bpd on the week. Refineries ran at 68.6% of their operable capacity last week, versus 83.1% in the previous week. That’s down almost 15% — a collapse literally due to Texas. A positive signal for the British currency, as the pound correlates with oil.
Investment idea: Buy 1.4140 and take profit 1.4205.
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