Important events today:

12:30 UTC – US: Number of new foundations laid for September.

The Bank of England intends to continue to postpone quantitative tightening until the debt market calms down. On the one hand it is a positive signal for the pound, because it was the sell-off in British government bonds at the end of September that caused the UK’s currency to plummet.

On the other hand, today we will get the British inflation data for September, where we might see the continuation of the uptrend, which might provoke the closing of the longs on the British currency. Additional pressure on the pound will come from the oil market, as the British currency is historically correlated with the black gold.

The U.S. Department of Energy will increase its supply of oil from the strategic reserve to 10-15 million barrels this week. Joe Biden and the Democratic Party are trying by hook or by crook to lower energy prices before the November congressional elections.

Recommendations: Trade in the range of 1.1250 -1.1350.