The price of the British pound has broken through the strong level of 1.6650 and is trying to gain a foothold above it. Additional support for price provides the lower limit of local rising channel. We recommend opening long positions on the British pound with the targets at 1.6700, 1.6770 and 1.6820. The course of trading today can be affected by data on the manufacturing PMI in the UK. In addition, on this week we should pay particular attention to the Bank of England's report on the state of the credit market (Thursday 08:30 GMT).
We reserve the medium and long term positive outlook, but do not exclude the possibility of correction to 1.66 in the near future.