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Daily Market Analysis 29|03|2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above  1.38192 with a take profit at price 1.38346.
Bearish Preference: 
A Sell position is envisaged if price trades below price 1.37698 with a take profit at price 1.37547.
Fundamentals:
GBP:  Net Lending to Individuals m/m  (9:30am)
USD: FOMC Member Waller Speaks      (4pm) 

Comment: The British Pound has accelerated higher against its major counterparts in the first quarter of 2021, as markets priced in a faster-than-expected return to normality on the back of a highly-successful vaccination distribution program and the diminishing possibility of further monetary policy easing by the Bank of England.
From a technical level, although the long-term outlook for the Pound remains overtly bullish against the haven-associated US Dollar, fading upside momentum could trigger a period of consolidation. Generally looking we may still have bullish traded GBPUSD today.

Analysis: SCRUM Team

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