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Correlation between the British currency and oil

Correlation between the British currency and oil | 28 October 2022

28 October 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Oil rose, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Worries about Chinese demand limited the rally. Global investors dumped Chinese assets early this week as the economy of the world's biggest energy consumer was beset by a zero-COVID policy, a property crisis and falling market confidence. Concerns that China's muddled economic policies may continue under President Xi Jinping's growing power weighed on sentiment. This is a positive signal for the British currency, as assets correlate with each other.

Investment idea: buy 1.1510 and take profit 1.1600.

David Johnson
Analyst of «FreshForex» company
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