Important events today:

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

The decline in quotations to the nearest support levels is advisable to use for buying for two reasons. First, at the interbank in London there is a rise in interest rates on loans in pounds, which is favorable for the growth of the British currency quotations. The difference in rates between dollar and pound loans is gradually decreasing – bankers seem to tune in to the soon end of the US Federal Reserve’s monetary policy tightening cycle.

Secondly, I expect growth of oil prices, which will also give additional support to the pound, as assets correlate with each other. Bloomberg’s sources indicate that the OPEC+ countries may agree to cut oil production by 2mn bpd at their next summit on December 4 in response to the coronaval restrictions in China. In such an outcome, oil prices would rise, even with the problems in the Celestial Empire.

Recommendations: Buy 1.1915/1.1878 and TP 1.2021.