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Correlation between the British currency and oil

Correlation between the British currency and oil | 01 February 2022

01 February 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Stocks of oil in some of the world's top economies have fallen to their lowest levels in almost a decade. Global jitters over a possible Russian invasion of Ukraine and a slew of supply shocks have addled the market and keep pushing oil up, exacerbating inflation and threatening the world's economic recovery. Europe and especially the Asia-Pacific countries, led by Japan and South Korea, were the most depleted of the prosperous bloc of countries. Shoots of recovery could be starting in the United States, where crude stockpiles have built back up in the last two weeks having hit 413.3 million barrels in early January, the lowest since October 2018, according to data from the Energy Information Administration. This is a positive signal for oil prices and the British currency, as assets correlate with each other.

Investment idea: buy 1.3430 and take profit 1.3470.

David Johnson
Analyst of «FreshForex» company
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