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Correlation between the British currency and oil

Correlation between the British currency and oil | 28 September 2021

28 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. Oil prices gained for a fifth straight day, with WTI at its highest since October 2018 and heading for $76.48. Global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production. Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as underinvestment or maintenance delays persist from the pandemic.

Investment idea: buy 1.3675 and take profit 1.3750.

David Johnson
Analyst of «FreshForex» company
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