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Correlation between the British currency and oil

Correlation between the British currency and oil | 15 July 2022

15 July 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The latest forecasts from the International Energy Agency, the US Energy Information Administration and the Organization of Petroleum Exporting Countries all show global oil demand rising strongly again in 2023, despite growing fears over mounting inflation and weakening economic growth. A lack of investment in new crude production capacity means that the OPEC group of producers will need to pump more to meet that demand. All three forecasters see global oil demand increasing by at least 2 million barrels a day next year, taking it back above the 2019 level for the first time since the Covid-19 pandemic struck in early 2020. This is a positive signal for oil and the British currency, as assets correlate with each other.

Investment idea: buy 1.1800 and take profit 1.1866.

David Johnson
Analyst of «FreshForex» company
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