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Correlation between the British currency and oil

Correlation between the British currency and oil | 29 December 2021

29 December 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. American Petroleum Institute data showed U.S. crude stocks fell by 3.1 million barrels in the week ended Dec. 24, market sources said late on Tuesday. Gasoline inventories registered a lower-than-expected decline of 319,000 barrels, while distillate stocks dropped by 716,000 barrels compared with hopes of 200,000 barrels drop. Oil prices have been underpinned by three oil producers declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Investment idea: buy 1.3400 and take profit 1.3460.

David Johnson
Analyst of «FreshForex» company
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