Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 1.39402 with take profit at 1.40062.
Bearish Preference:
Sell is envisaged if price trades below 1.38213 with take profit at 1.37634.
Fundamentals:
2.30PM – Non-Farm Employment Change
Average Hourly Earnings
Unemployment Rate
Comment: The dollar was up on Friday morning in Asia, hovering near three-month highs after U.S. Federal Chairman Jerome Powell stuck firmly to a dovish line even as bond market volatility increased.
Currently the market is still ranging between the price levels of 1.39300 and 1.38300 awaiting a further push or pull by the Non-Farm employment change later today.
Given the downward sloping RSI line, GBP/USD is ready to refresh the weekly low and extend the latest declines towards an ascending support line from December 21, 2020, at 1.3807 now. Meanwhile, pullback moves not only need to cross the 21-day SMA level of 1.3920 but should also clear the 1.3990 level comprising 10-day SMA on a daily closing to recall the buyers.
Analysis: SCRUM Team