Correlation between the British currency and oil | 26 نوفمبر 2020
26 نوفمبر 2020, GBP/USD
GBPUSD trading plan:
A bullish rally in the oil market will have a positive impact on the value of the British currency, as assets are correlated with each other. Oil rose for a fifth day on Thursday after a surprise fall in U.S. crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. U.S. oil stockpiles fell 754,000 barrels last week, data showed, while investors in polls had predicted a 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma, delivery point for WTI, fell by 1.7 million barrels.
Investment idea: Buy 1.3370 and take profit 1.3401.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
