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Correlation between the British currency and oil

Correlation between the British currency and oil | 30 Juli 2020

30 Juli 2020, GBP/USD

GBPUSD trading plan:

The uptrend in the oil market will have a positive impact on the value of the British currency, as assets correlate with each other. Crude inventories declined 10.6 million barrels during the week ended July 24, the U.S. Energy Information Administration said. This is the result of crude refinery inputs rising by almost 390,000 barrels per day more, or a net 2.7 million barrels on the week. Exports rose by about 200,000 barrels daily, or a net 1.4 million on the week. Imports shrunk by 800,000 barrels daily, or a net 5.6 million on the week. And there was another drop of 1.7 million barrels out of the PADD 5 producing district that covers the West Coast.

Trading recommendation: Buy 1.2950 and take profit 1.2995.

David Johnson
Analyst of «FreshForex» company
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