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Correlation between the British currency and oil

Correlation between the British currency and oil | 03 November 2021

03 November 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices fell as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer. Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve. U.S. crude and distillate fuel stocks rose last week while gasoline declined, according to market sources citing American Petroleum Institute. Crude stocks rose by 3.6 million barrels for the week ended Oct. 29. Gasoline inventories fell by 552,000 barrels and distillate stocks rose by 573,000 barrels, the data showed. This is a negative signal for oil and the British currency, as assets correlate with each other.

Investment idea: sell 1.3644 and take profit 1.3600.

David Johnson
Analyst of «FreshForex» company
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