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Correlation between the British currency and oil

Correlation between the British currency and oil | 14 July 2021

14 July 2021, GBP/USD

GBPUSD trading plan:

The International Energy Agency said the market should expect tighter supply for now due to disagreements among major producers over how much additional crude to ship worldwide. The market has been generally stronger as demand has rebounded and the Organization of the Petroleum Exporting Countries and their allies has held millions of barrels of supply from the market. OPEC+, as the group is known, was expected to boost supply, but discussions broke off without an agreement. The Paris-based IEA said global storage drawdowns in the third quarter were set to be the biggest in at least a decade. This is a positive signal for the British currency and oil, since the assets are correlated with each other.

Investment idea: buy 1.3825 and take profit 1.3890.

David Johnson
Analyst of «FreshForex» company
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