Important events today:

14:00 UTC – US: Services Business Activity Index.

The political crisis in Great Britain ended with the election of Foreign Secretary Liz Truss as Prime Minister of the United Kingdom. A number of British politicians are already claiming that there will be a new prime minister in a year in the Foggy Albion, because Truss has no experience to lead the British economy out of the crisis. Britain is facing an energy crisis that threatens to deprive many households of the ability to pay their bills in winter. The pound’s position is undermined by uncertainty about the Bank of England’s ability to control fantastically high inflation.

Inflation in the UK may exceed 20% next year on the back of soaring energy prices, while the monetary authorities, even by raising interest rates, will not be able to change the negative trend. The pound is also in a vulnerable position because of the persistent growth of the deficit, which has made the country dependent on what former Bank of England governor Mark Carney called “the kindness of strangers,” that is, foreign investors to help patch up holes in its finances.

Recommendations: Sell 1.1590/1.1615 with TP 1.1470.