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Correlation between the British currency and oil

Correlation between the British currency and oil | 12 August 2022

12 August 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil prices settled up more than 2% after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices have some consumers switching to oil. Prices were also boosted as the U.S. dollar extended losses against other major currencies after a report showed U.S. inflation was not as hot as anticipated in July, prompting traders to dial back expectations for rate hikes by the Federal Reserve. Top U.S. Gulf of Mexico oil producer Shell said a pipeline leak prompted it to halt production at three U.S. Gulf of Mexico deepwater platforms designed to produce up to 410,000 barrels of oil per day combined. This is a positive factor for the British currency, as assets are correlated.

Investment idea: buy 1.2160 and take profit 1.2215.

David Johnson
Analyst of «FreshForex» company
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