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Correlation between the British currency and oil

Correlation between the British currency and oil | 24 August 2021

24 August 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices rose after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential step up in U.S. coronavirus vaccination rates. The U.S. Food and Drug Administration, which last December authorised the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older. Indian refiners' crude throughput bounced to its highest in three months as fuel demand rebounded, which supported prices.

Investment idea: buy 1.3731 and take profit 1.3790.

David Johnson
Analyst of «FreshForex» company
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