No important events are expected today.

The decline to the nearest support levels should be used to open a Buy position for two reasons. Firstly, a rise in the Pound can be expected against the background of a positive development on the British government debt market, where a high demand for UK government bonds remains. Banks and pension funds are once again exhibiting a strong demand for these securities.

Secondly, the uptrend in the oil market will provide further support to the pound as assets correlate with each other. As the panic in the market because of the banking sector problems in the USA and Europe has descended, traders again began to show interest in oil contracts, the more so because of the positive news coming from Celestial Empire that the authorities are confident that GDP growth will accelerate this year.

Recommendations: Buy 1.2280/1.2250 and TP 1.2349.