Important events today:
15:00 UTC – US: ISM manufacturing index for January.

We use the decline of quotations to the nearest support levels to open Buy positions for two reasons. Firstly, bankers and investment funds started buying British government bonds, which will provide short-term support to the pound. Second, growth in the commodities market is also positive for the British currency, as the pound is historically well correlated with risky assets.

Copper is in good demand on the commodities market this week, which is a strong signal, as this industrial metal is the leading indicator for the commodities market. Energy carriers also show good growth on expectations of imbalance of supply and demand in the world market.

Recommendations: Buy 1.2000/1.1970 and TP 1.2095.