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Correlation between the British currency and oil

Correlation between the British currency and oil | 01 March 2022

01 March 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices, have hit their highest since 2014 following the invasion and after Western allies have imposed sanctions on Russia, blocking some Russian banks from a global payments system, which is already disrupting oil exports. Some buyers are already shunning Russian barrels, now trading at a heavy discount to world benchmarks. Russia, one of the world's top oil producers, exports around 4-5 million barrels per day of crude and another 2-3 million bpd of refined products. China, the European Union, South Korea, India and Japan are its main buyers. A bullish rally in the oil market will have a positive impact on the oil market because assets correlate with each other.

Investment idea: buy 1.3400 and take profit 1.3453.

David Johnson
Analyst of «FreshForex» company
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