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The spread

The spread | 03 January 2022

03 January 2022, GBP/USD

The spread

GBPUSD trading plan:

On the interbank lending market in London, the spread between the Libor rates for the pound and the dollar has widened, which signals a continuation of the upward trend in this currency pair. It is the dynamics of interest rates in the coming months that will have a strong influence on the course of trading in this currency pair. Additional support for the pound will be provided by a bullish rally in the oil market, as assets correlate with each other. U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending December 31, 2021 which was 115,000 barrels per day less than the previous week’s average. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.6 million barrels from the previous week. At 420.0 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.

Investment idea: buy 1.3480 and take profit 1.3545.

David Johnson
Analyst of «FreshForex» company
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