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Correlation between the British currency and oil

Correlation between the British currency and oil | 26 October 2021

26 October 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices reached multi-year highs before steadying, as tight global supply and strengthening fuel demand in the United States and beyond supported prices. The global energy supply crunch continues to show its teeth, as oil prices extend their upward march this week, a result of traders pricing in the ongoing rise in fuel demand – which amid limited supply response is depleting global stockpiles. After more than a year of depressed fuel demand, gasoline and distillate consumption is back in line with five-year averages in the United States, the world's largest fuel consumer. This is a positive signal for the pound, as the British currency correlates with oil.

Investment idea: buy 1.3745 and take profit 1.3806.

David Johnson
Analyst of «FreshForex» company
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