01 October 2021, GBP/USD
GBPUSD trading plan:
A bullish rally in the oil market will have a negative impact on the value of the US currency, since assets have an inverse correlation. Hurricane Ida’s extensive and unexpectedly lingering disruption to output in the Gulf of Mexico has been the single most important factor contributing to the surge in oil prices over the last month. Shell’s offshore transfer facility West Delta-143 and Mars and Ursa oilfields have been among the most severely impacted, with some production losses expected to last into the first quarter of 2022. As a result U.S. petroleum inventories have fallen to 4.5-5.0% below the pre-pandemic five-year seasonal average, compared with a deficit of around 2.5% before the hurricane. The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, are next week expected to hold to a pact to add 400,000 barrels per day to their output for November.
Investment idea: buy 1.3445 and take profit 1.3520.
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