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Correlation between the British currency and oil

Correlation between the British currency and oil | 18 January 2022

18 January 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices rose with investors betting that global supply will remain tight. Frantic oil buying, driven by supply outages and signs the Omicron coronavirus variant will not be as disruptive to fuel demand as previously feared, has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained for a while longer. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, are gradually relaxing output cuts implemented when demand collapsed in 2020. This is a positive signal for oil and the British currency, as assets correlate with each other.

Investment idea: buy 1.3609 and take profit 1.3659.

David Johnson
Analyst of «FreshForex» company
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