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Correlation between the British currency and oil

Correlation between the British currency and oil | 23 November 2021

23 November 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The U.S. Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday in coordination with other countries. U.S. President Joe Biden has asked China, India, South Korea and Japan for a coordinated release of oil stocks as U.S. gasoline prices soar and his approval ratings slump ahead of next year's congressional elections. Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies. This is a negative signal for oil and the British currency, as assets correlate with each other.

Investment idea: sell 1.3423 and take profit 1.3381.

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David Johnson
Analyst of «FreshForex» company
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