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Correlation between the British currency and oil

Correlation between the British currency and oil | 22 November 2022

22 November 2022, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

Saudi Arabia said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA. The Wall Street Journal on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates. "It is well-known that OPEC+ does not discuss any decisions ahead of the meeting," Saudi Arabian Energy Minister Prince Abdulaziz bin Salman was quoted by state news agency SPA as saying, referring to the group's next meeting in December. Oil prices, which had slid more than 5% after the Wall Street Journal report, pared losses following the minister's comments. 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 1.1875.

David Johnson
Analyst of «FreshForex» company
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