Important events today:

15:30 UTC – US: Crude oil inventory data from the Department of Energy.

The decrease of the quotes to the nearest support levels is used for the opening of Buy positions expecting the continuation of the uptrend. There is still demand for the British government debt market for the treasury securities, which is favorable for the pound prices growth. It was a gigantic sell-off in the government debt market in September brought the pound exchange rate to a 40-year low, which provoked big problems for the British pension funds, which have been actively buying government bonds this year.

The Bank of England was able to stabilize the situation in October and now the government debt market is optimistic again. Another important factor is a rally on commodities market that will put pressure on the price of dollar as commodities and American currency historically have an inverse correlation.

Recommendations: Buy 1.1500/1.1465 and TP 1.1600.