We open Buy positions for two reasons. Firstly, today the US Treasury will redeem $25 billion of Treasury bonds, which will have a short-term negative influence on the value of the American currency. The Ministry of Finance continues to spend money from its account in the Federal Reserve and there will still be enough money for at least this month.

Secondly, I look forward to the continuation of the upward trend in the oil market, which will provide additional support to the pound, inasmuch as assets are historically correlated with each other. The oil market remains structurally shortfalls in supply, and US inventories are already below the five-year average, which has historically had a beneficial influence on oil prices.

Trading recommendation: Buy 1.3865/1.3840 and take profit 1.3930.