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Correlation between the British currency and oil

Correlation between the British currency and oil | 09 February 2022

09 February 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil slid more than 2% from recent seven-year highs as the resumption of indirect talks between the United States and Iran could revive an international nuclear agreement and allow more oil exports from the OPEC producer. A deal could return more than 1 million barrels per day of Iranian oil to the market, boosting global supply by about 1%. Iran deal could unleash extra crude and condensate production within four to six months, or even quicker as Iran is thought to have robust oil-on-water storage. This is a negative signal for the British currency, since the pound correlates with oil.

Investment idea: sell 1.3580 and take profit 1.3527.

David Johnson
Analyst of «FreshForex» company
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