Correlation between the British currency and oil | 09 September 2021

09 September 2021, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency, as assets correlate with each other. More than 70 platforms of the 288 evacuated ahead of the August storm remain unoccupied, according to the Bureau of Safety and Environmental Enforcement. Occidental Petroleum disclosed that 7 of its 10 offshore production platforms remain offline since Ida. Restarts have been delayed by damages to offshore oil and gas transfer facilities and onshore processing operations, it said. Royal Dutch Shell this week said a production hub that brings oil and gas from three offshore oilfields was damaged by the storm. It has been unable to determine the full extent of the damage or provide a schedule for restarting.

Investment idea: buy 1.3752 and take profit 1.3860.

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David Johnson
Analyst of «FreshForex» company
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