On the one hand, today we can expect a decline in quotations in this currency pair against the background of the US Treasury auction, where government bonds in the amount of $148.4 billion will be placed. This will be the largest withdrawal of dollar liquidity from the financial system this quarter, which may provide support for American currency.

On the other hand, an uptrend in the oil market may encourage traders to increase their longs on the British currency, inasmuch as oil and pound have been historically correlated with each other. There are now rumors in the market that Saudi Arabia is ready to support the extension of the oil production cut under the OPEC+ agreement for May and June. Tomorrow evening we will find out the final OPEC+ decision.

Investment idea: flat 1.3690 – 1.3790.