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Correlation between the British currency and oil

Correlation between the British currency and oil | 21 January 2022

21 January 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

U.S. crude oil stockpiles rose last week for the first time since November while gasoline inventories grew to an 11-month high, the Energy Information Administration said. U.S. oil inventories saw the first build in eight weeks as refinery runs dropped to 15.45 million barrels per day, their lowest since mid-November, while imports rebounded strongly. Inventories of the motor fuel, which tend to increase during the winter season, were now at their highest levels since February 2021. This is a negative signal for oil and the British currency, as assets correlate with each other.

Investment idea: sell 1.3622 and take profit 1.3575.

David Johnson
Analyst of «FreshForex» company
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