Important events today:

JP, GB: Banking weekend.

British banks are not working today and it is unlikely that we will see high volatility during the day. Last Friday the Pound updated to its lowest since 1985 as traders fear a severe recession in the UK economy. In my opinion, Britain will not have a recession, but stagflation, which is much worse. The exit from recession is much faster and less painful. There is no way out of stagflation without a hard prolonged crisis.

That is why it is not so sure that the pound has fallen to multi-year highs and looks like one of the weakest currencies in the market. In this background it is advisable to use the growth of the quotes in the area of the nearest resistance levels for the opening of the Sell positions, counting on the continuation of the descending trend.

Recommendations: Sell 1.1421/1.1470 with TP 1.1347.