Correlation between the British currency and oil | 10 Noviembre 2021

10 Noviembre 2021, GBP/USD

GBPUSD trading plan:

Oil prices rose to a two-week high after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight. The price of Brent has gained over 60% this year and hit a three-year high, supported by recovering demand and supply restraint by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. U.S. President Joe Biden's administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation's Strategic Petroleum Reserve. This is a positive signal for the British currency, as assets correlate with each other.

Investment idea: buy 1.3530 and take profit 1.3600.

David Johnson
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.