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Correlation between the British currency and BRENT

Correlation between the British currency and BRENT | 14 September 2021

14 September 2021, GBP/USD

Correlation between the British currency and BRENT

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency, as assets correlate with each other. Over 40% of the U.S. Gulf of Mexico's production of crude and natural gas remained shut on Monday two weeks after Hurricane Ida wreaked havoc in Louisiana, the regulator Bureau of Safety and Environmental Enforcement said. About 794,000 barrels per day of crude production and 1.15 billion cubic feet per day of gas were offline, while 47 production platforms continued evacuated. Another storm that could become a hurricane, Nicholas, was approaching Texas' coast, threatening Gulf oil facilities with heavy rainfall and floods.

Investment idea: buy 1.3838 and take profit 1.3909.

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David Johnson
Analyst of «FreshForex» company
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