Correlation between the British currency and oil | 26 Marzo 2021

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency, as the assets are correlated with each other. The trapped container ship is blocking traffic in the Suez Canal, one of the world's busiest shipping channels for oil and refined fuels, grain and other trade between Asia and Europe. Officials stopped all ships entering the canal on Thursday, and a salvage company said the vessel may take weeks to free. Of the 39.2 million barrels per day (bpd) of total seaborne trade in crude in 2020, 1.74 million bpd went through the Suez Canal, according to tanker tracking firm Kpler. Additionally, 1.54 million bpd of refined oil products such as gasoline and diesel fuel flow through the canal, about 9% of global seaborne product trade, Kpler said.

Investment idea: buy 1.3740 and take profit 1.3798.