On the one hand, today we can expect a decline in quotations to the area of the August minimum (1.3601), inasmuch as it is now profitable for investors to “accelerate” prices down before the meeting of the Bank of England, which is scheduled for Thursday, September 23, in order to buy the pound at a lower price. During the meeting, the British monetary authorities may note the necessity for a gradual reduction in stimulus measures against the background of strong inflation growth.

Against this backdrop, the pound can show a good uptrend. On the other hand, I expect the continuation of the uptrend in the oil market, which will have a negative influence on the value of the US dollar, inasmuch as assets have been historically inversely correlated. Oil reserves in the OECD countries are now 106 million barrels below the five-year average, which is favorable for oil prices.

Trading recommendation: flat 1.3600 – 1.3730.