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Correlation between the British currency and oil

Correlation between the British currency and oil | 20 April 2021

20 April 2021, GBP/USD

GBPUSD trading plan:

A bullish rally in the oil market will have a positive impact on the value of the British currency as the assets are correlated with each other. U.S. crude oil and distillate stockpiles were expected to have dropped last week, while gasoline inventories likely raised, a preliminary American Petroleum Institute poll showed on Monday. Libya's National Oil Corp declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities because of a budget dispute with the country's central bank. The disruption could cut Libya's oil output by 280,000 barrels per day, knocking production below 1 million bpd for the first time since October, ING said.

Investment idea: buy 1.3980 and take profit 1.4061.

David Johnson
Analyst of «FreshForex» company
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