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Correlation between the British currency and WTI

Correlation between the British currency and WTI | 26 August 2021

26 August 2021, GBP/USD

Correlation between the British currency and WTI

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency, since assets are correlated with each other. Crude inventories last week dropped for a third straight week while fuel demand rose to its highest since March 2020, the U.S. Energy Information Administration said. A tick higher in refinery runs and a tick lower in imports have yielded a third consecutive draw to crude inventories - dropping them to their lowest since late January 2020. U.S. total product supplied, a proxy for fuel demand, rose last week to 21.8 million bpd, the highest since March 2020, the data showed.

Investment idea: buy 1.3730 and take profit 1.3800.

David Johnson
Analyst of «FreshForex» company
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