12 November 2021, GBP/USD
GBPUSD trading plan:
OPEC cut its world oil demand forecast for the last quarter of 2021 as high energy prices curb the recovery from COVID-19. OPEC said it expects oil demand to average 99.49 million barrels per day in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The year's demand growth forecast was trimmed by 160,000 bpd to 5.65 million bpd. "A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report. OPEC now sees world consumption surpassing the 100 million bpd mark in the third quarter of 2022, three months later than forecast last month. On an annual basis according to OPEC, the world last used over 100 million bpd of oil in 2019. This is a negative signal for oil and the British currency, as assets correlate with each other.
Investment idea: sell 1.3398 and take profit 1.3354.
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