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Correlation between the British currency and oil

Correlation between the British currency and oil | 20 April 2022

20 April 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Libya’s oil production has fallen by about half a million to 900,000 barrels a day, the lowest in months, as a wave of demonstrations against the prime minister engulfs energy industry. The nation’s biggest oilfield Sharara in the west of the country, which can pump 300,000 barrels a day, was closed on Monday after protesters gathered at the site to demand that Prime Minister Abdul Hamid Dbeibah quit. That came after the nearby El Feel deposit, with a daily capacity of 65,000 barrels, was halted for the same reason. This is a positive signal for oil and the British currency, as assets correlate with each other.

Investment idea: buy 1.2975 and take profit 1.3025.

David Johnson
Analyst of «FreshForex» company
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