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Correlation between the British currency and oil

Correlation between the British currency and oil | 03 September 2020

03 September 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

A bearish rally in the oil market will have a negative impact on the value of the British currency, as there is a correlation between GBPUSD and BRENT. Both benchmarks fell more than 2%, with WTI sliding to its lowest close in nearly four weeks and Brent at its weakest since Aug. 21. U.S. gasoline demand last week fell to 8.78 million barrels per day from 9.16 million bpd a week earlier. Due to shutdowns ahead of Hurricane Laura, U.S. refinery utilization rates fell by 5.3 percentage points to 76.7% of total capacity. Traders warn that the upcoming refinery maintenance and the end of summer driving season would also limit crude demand.

Trading recommendation: Sell 1.3315 and take profit 1.3285.

David Johnson
Analyst of «FreshForex» company
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