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Correlation of the pound and oil

Correlation of the pound and oil | 27 January 2021

27 January 2021, GBP/USD

Correlation of the pound and oil

GBPUSD trading plan:

The growth rate of average earnings in Britain has reached its highest level this year. The data showed growth in wages rose by an annual 3.6%. This is a positive signal for the pound, as income growth is driving up spending, which boosts GDP. An uptrend in the oil market will provide additional support for the pound. President Joe Biden made good on a campaign promise to cancel the Keystone XL oil pipeline. Biden will go even further: suspending the sale of oil and gas leases on federal land, where the U.S. gets 10% of its supplies. This is a positive factor for oil prices!

Investment idea: Buy 1.3727 and take profit 1.3771.

David Johnson
Analyst of «FreshForex» company
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