Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.42442 with a take profit at price 1.42642.
Bearish Preference:
A Sell position is envisaged if price trades below 1.41602 with take profit at price 1.41412.
Fundamentals:
3:00pm USD ISM Manufacturing PMI
4:00pm GBP BOE Gov Bailey Speaks
Comment: The dollar weakened in early European trade Tuesday, slipping to multi-month lows against many of its peers, as traders look to the release of closely-watched nonfarm payrolls data later in the week for clues surrounding the Federal Reserve’s policy thinking.
Elsewhere, GBP gained some more strength, breaching a February peak to reach the strongest since April 2018, continuing to benefit from the U.K.’s advanced pace of vaccination which suggests a quick move towards normalisation, and potentially policy tightening.
Analysis: SCRUM Team
