The British currency demonstrates a good growth in quotations this week, and today I expect the continuation of the positive trend for two reasons. Firstly, the head of the US Federal Reserve, Jerome Powell, today, in my opinion, will not announce the reduction of stimulus measures, inasmuch as the labor market is far from the pre-pandemic level, and American bankers are sluggishly lending to the economy. This event will provoke a wave of sales in the American currency.

Secondly, the uptrend in the oil market is gaining momentum, which will put additional pressure on the dollar, insofar as assets have historically strong inverse correlation. US oil inventories are declining for the third week in a row, which provides good support for the oil market. Since the beginning of summer, oil reserves in the United States have decreased by 46.7 million barrels, and since the beginning of the year, the decline in reserves has amounted to 60.9 million barrels. Stocks are now lower than they were before the pandemic. No matter how the media scares us about the unstable situation in the oil market, stocks are decreasing, which allows us to count on the growth of quotations.

Trading recommendation: Buy 1.3742/1.3715 and take profit 1.3810.