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Correlation between the British currency and oil

Correlation between the British currency and oil | 20 September 2021

20 September 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The bearish trend in the oil market will have a negative impact on the value of the British currency, since assets are correlated with each other. Oil prices fell as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output. The reason oil prices reached such highs in the last few days was clearly supply disruptions and drawdowns in inventories, so now that U.S. oil production is returning, oil as expected trades lower. Gulf Coast crude oil exports are flowing again after hurricanes Nicholas and Ida took out 26 million barrels of offshore production.

Investment idea: sell 1.3750 and take profit 1.3700.

David Johnson
Analyst of «FreshForex» company
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