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Correlation between the British currency and oil

Correlation between the British currency and oil | 01 April 2022

01 April 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

U.S. oil prices fell 6%, as President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply. Biden's 180-million-barrel release is equivalent to about two days of global demand, and marks the third time Washington has tapped the SPR in the past six months. Starting in May, the United States will release 1 million barrels per day of crude oil for six months from the Strategic Petroleum Reserve, Biden said, adding that 30 million to 50 million barrels of oil could be released in addition by allies and partners. "We need to increase supply. Oil firms sitting on idle wells or unused leases will have to start producing or pay for their inaction" Joe Biden said. This is a negative signal for the British currency and oil, as the assets correlate with each other.

Investment idea: sell 1.3140 and take profit 1.3066.

David Johnson
Analyst of «FreshForex» company
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