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Correlation between the British currency and oil

Correlation between the British currency and oil | 10 November 2021

10 November 2021, GBP/USD

GBPUSD trading plan:

Oil prices rose to a two-week high after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight. The price of Brent has gained over 60% this year and hit a three-year high, supported by recovering demand and supply restraint by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. U.S. President Joe Biden's administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation's Strategic Petroleum Reserve. This is a positive signal for the British currency, as assets correlate with each other.

Investment idea: buy 1.3530 and take profit 1.3600.

David Johnson
Analyst of «FreshForex» company
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