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Correlation between the British currency and WTI

Correlation between the British currency and WTI | 23 September 2021

23 September 2021, GBP/USD

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. The overall U.S. demand for fuel has rebounded to pre-pandemic levels. Product supplied over the last four weeks has come in at nearly 21 million barrels per day, not far from 2019’s peak. U.S. crude inventories last week fell by 3.5 million barrels to 414 million barrels, the lowest since October 2018, the U.S. Energy Information Administration said. Royal Dutch Shell announced that its Mars and Ursa oil production platforms in the Gulf of Mexico will be rehabilitated in Q1. 2022. Before the hurricane, the total oil production at these platforms was 200 thousand b/d.

Investment idea: buy 1.3635 and take profit 1.3735.

David Johnson
Analyst of «FreshForex» company
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