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Instrument: EURUSD
Technical Analysis
Bearish Preference:
A Sell position is envisaged if price trades below price 1.18697 with a take profit at price 1.18540
Bearish Preference:
A Buy position is envisaged if price trades above 1.19154 with a take profit at price 1.19297.
Fundamentals:
2:00pm USD Fed Chair Powell Speaks
Comment: A modest pullback in the US Treasury bond yields from over one-year high of 1.754% touched in the previous session exerted some pressure on the US dollar. This, in turn, assisted the GBP/USD pair to stall the overnight rejection slide from the key 1.4000 psychological mark and regain traction on the last trading day of the week.
Meanwhile, the calmer tone in the fixed income market provided a modest lift to the global risk sentiment, which was seen as another factor that dented the greenback’s relative safe-haven status. That said, the optimistic US economic outlook should help limit the USD pullback and cap any meaningful upside for the GBP/USD pair.
Analysis: SCRUM Team
