Correlation between the British currency and oil | 13 Agosto 2020

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency. Inventories of U.S. crude fell by 4.5 million barrels for the week ended Aug. 7, beating expectations for a draw of 2.9 million barrels, according to data from the Energy Information Administration. Gasoline inventories – one of the products that crude is refined into – fell by 722,000 barrels, deeper than forecasts for a decline of 674,000 barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – rose by about 1.3 million barrels, less than estimates for a build of 1.7 million barrels.

Trading recommendation: Buy 1.3060 and take profit 1.3130.