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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.38807 with a take profit at price 1.39034.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.38246 with a take profit at price 1.38099.
Fundamentals:
No major fundamental.
Comment: The dollar was up on Monday morning in Asia but remained near a one-month low as Treasury yields hovered near their lowest levels in five weeks after the U.S. Federal Reserve reiterated its view that any spike in inflation will be temporary.
The U.S. Dollar Index has recently made an attempt to get to the test of the nearest resistance level at the 50 EMA at 91.80 but failed to develop sufficient upside momentum and pulled back closer to the support at 91.50. A successful test of this support level will push the U.S. Dollar Index towards the next support at 91.30 which will be bullish for GBP/USD.
Analysis: SCRUM Team
