Correlation between the British currency and oil | 08 December 2020

08 December 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The international picture for demand is, however, brighter. Chinese customs data released showed increased imports of crude as refiners again took advantage of a dip in prices due to weaker western demand. China imported an average of 11.3 million barrels a day in the month, up over 9% from a year earlier but still below the volumes seen in spring and early summer, when importers gorged themselves on a world glut. This is a positive signal for the oil market and the British currency, as assets are correlated with each other.

Investment idea: Buy 1.3330 and take profit 1.3370.

David Johnson
Analyst of «FreshForex» company
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