17 November 2023, GBP/USD
GBPUSD trading plan:
Oil prices were little on track for their fourth straight week of losses after tumbling about 5% to a four month-low on worries over global demand. Non-core OPEC supply has been much stronger than expected, partly offset by OPEC cuts. Prompt monthly spreads for both contracts have flipped to contango, a market trend where prompt prices are lower than those in future months indicating healthy supply. Oil's decline this week was mainly triggered by a steep rise in U.S. crude inventories and production sustaining at record levels. It has become clearer that the oil balance for the remainder of this year is not as tight as initially expected. This is a positive signal for the US dollar as it has a strong inverse correlation with oil.
Investment idea: sell 1.2435 and take profit 1.2350.
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