Pound has a reason for correction

Events to be paid to today:

18.00 MSK. USA: The main expenses for personal consumption for October.

18.30 MSK. USA: Data on crude oil reserves from the Ministry of Energy.


British PMI Composite index The second month in a row turns out to be higher than the American index, which signals the acceleration of the GDP growth of the United Kingdom. In the aggregate with expectations of the growth of the bank’s accounting rate of England, this factor allows you to count on on the growth of the quotations of the British currency. Pounds now have excellent opportunities to compensate for lost positions. Additional support for “bulls” will have an oil market, where investors again actively buy futures for ferrous gold. “Printing” of the US strategic reserve did not have a negative impact on the oil market. On the eve, US President Joe Biden decided to use 50 million barrels of oil to reduce prices in the domestic market. Since stocks in the repositories of Osire countries are now below five years Middle value by 118 million barrels, by the end of December this figure will increase, which is favorable for oil prices.

Trading Recommendation: Buy 1.3359 / 1.3325 and Take Profit 1.3411.