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Negative forecasts for the oil market

Negative forecasts for the oil market | 13 August 2021

13 August 2021, GBP/USD

GBPUSD trading plan:

Increasing demand for crude ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of the surge in infections from the Delta variant of the coronavirus that causes COVID-19, the IEA said. "Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use," the IEA said. This is a negative signal for oil and the British currency, since the assets are correlated with each other.

Investment idea: sell 1.3825 and take profit 1.3775.

David Johnson
Analyst of «FreshForex» company
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