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Correlation between the British currency and oil

Correlation between the British currency and oil | 12 May 2021

12 May 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil was up morning in Asia after data showed a larger-than-expected draw in U.S. crude supplies and the Organization of the Petroleum Exporting Countries remained to be optimistic about the outlook for fuel demand. Tuesday’s U.S. crude oil supply data from the American Petroleum Institute showed a draw of 2.533 barrels for the week ending May 7. OPEC continued to expect a strong fuel demand recovery in 2021 as China and the U.S. continue their economic recoveries from COVID-19. The cartel maintained its forecast of an increase of 5.95 million barrels per day but cut its demand expectations for the second quarter by 300,000 as the number of COVID-19 cases continues to surge in India, the third-largest oil importer globally. This is a positive signal for the British currency, as the pound correlates with oil.

Investment idea: buy 1.4106 and take profit 1.4195.

David Johnson
Analyst of «FreshForex» company
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