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Instrument: GBPUSD
Technical Analysis
Bearish Preference:
Sell position is envisaged if price trades below the verified support at price 1.37576 with take profit at price 1.37215
Bullish Preference:
Buy position is envisaged if price trades above 1.38283 with a take profit at price 1.38572
Fundamentals:
GBP: BOE Gov Bailey Speaks (11AM)
GBP: BRC Retail Sales Monitor y/y
USD: NFIB Small Business Index
Comment: The US dollar’s recovery continued last week, with new highs for the year being recorded against other pairs. The key driving force is interest rates and ideas that the US monetary spigot will be turned down before Fed officials acknowledge. The rise in interest rates and inflation expectations are not just the result of the massive US monetary and fiscal stimulus.
The Dollar Index rose about 1.15% last week. It was the best performance since before the US election and vaccine was announced.
Analysis: SCRUM Team
