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Correlation between the British currency and oil

Correlation between the British currency and oil | 11 March 2021

11 March 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Crude oil prices rose as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month's Texas storm. U.S. gasoline stocks fell by 11.9 million barrels in the week to March 5 to 231.6 million barrels, the Energy Information Administration said, compared with expectations for a 3.5 million-barrel drop. Saudi Arabia's foreign minister said the kingdom would take deterrent action to protect its oil facilities, following attacks by Yemen's Iran-aligned Houthi movement on energy sites. A bullish rally in the oil market will have a positive impact on the British currency.

Investment idea: buy 1.3915 and take profit 1.3984.

David Johnson
Analyst of «FreshForex» company
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