Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.37627 with take profit at 1.37739.
Bearish Preference:
Sell position is envisaged if price trades below 1.37312 with take profit at 1.37111.
Fundamentals:
1:30pm USD CPI m/m
USD Core CPI m/m
Comment: The dollar edged higher in early European trading Tuesday, helped by rising Treasury yields, but gains have been limited ahead of the release of key U.S. inflation data In other news the bulls were in total control of the Pound US Dollar (GBP/USD) instrument yesterday today due to the fact that the Pound (GBP) benefitted from the latest UK reopening developments.
Hopes for the UK to recover from the coronavirus pandemic continue to support Sterling today. More of Britain’s economy reopened today, including more bars and shops, which is keeping the Pound appealing. Just over a fifth of Americans are currently fully vaccinated, but worryingly the United States reported an 8% rise in new Covid-19 cases last week.