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Correlation between the British currency and oil

Correlation between the British currency and oil | 06 January 2022

06 January 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

U.S. crude oil stockpiles fell last week while gasoline inventories surged by more than 10 million barrels, the biggest weekly build since April 2020, as supplies backed up at refineries due to reduced fuel demand at the end of the year. Gasoline and distillate demand disappeared. This is an Omicron demand destruction event. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose by 2.6 million barrels in the last week, EIA said. This is a negative signal for oil and the British currency, as assets correlate with each other.

Investment idea: sell 1.3591 and take profit 1.3510.

David Johnson
Analyst of «FreshForex» company
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