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Correlation between the British currency and oil

Correlation between the British currency and oil | 07 December 2021

07 December 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices edged up before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies. Oil prices were pummelled last week over concerns that vaccines might be less effective against the new coronavirus variant Omicron, sparking fears that governments may re-impose restrictions to curb its spread and hit global growth and oil demand. However, a South African health official reported over the weekend that Omicron cases there had only shown mild symptoms. Also, the top U.S. infectious disease official, Anthony Fauci, has told CNN «It does not look like there's a great degree of severity" so far. This is a positive signal for oil and the British currency, as assets correlate with each other.

Investment idea: buy 1.3260 and take profit 1.3310.

David Johnson
Analyst of «FreshForex» company
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