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Correlation between the British currency and oil

Correlation between the British currency and oil | 19 August 2022

19 August 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC, the producer group's new Secretary General Haitham Al Ghais told. A lack of investment in the oil and gas sector following a price slump sparked by COVID-19 has significantly reduced OPEC's spare production capacity and limited the group's ability to respond quickly to further potential supply disruption. Oil and gas investment is up 10% from last year but remains well below 2019 levels, the International Energy Agency said last month, adding that some of the immediate shortfalls in Russian exports needed to be met by production elsewhere. The OPEC official also pointed the finger at a lack of investment in the downstream sector, adding that OPEC members had increased refining capacity to balance the decline in Europe and the United States. This is a positive signal for oil and the British currency, as assets correlate with each other.

Investment idea: buy 1.1889 and take profit 1.1980.

David Johnson
Analyst of «FreshForex» company
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