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Correlation between the British currency and oil

Correlation between the British currency and oil | 25 March 2021

25 March 2021, GBP/USD

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. Ship delays due to the blockage of the Suez Canal by the container ship Ever Given could lead to a new disruption in oil supplies. Dozens of ships were in the five waiting zones for passage through the nearly 200 km canal, with more approaching the area. Given the persistent demand worries and falling prices, expectations are growing that the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, will roll over their current supply curbs into May at a meeting scheduled for April 1.

Investment idea: buy 1.3655 and take profit 1.3750.

David Johnson
Analyst of «FreshForex» company
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