Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.39139 with take profit at 1.39343.
Bearish Preference:
Sell position is envisaged if price trades below 1.38865 with take profit at 1.38692.
Fundamentals:
None with a high impact on the pair.
Comment: The pound suffered another blow from disappointing UK Retail Sales figures for May, which showed a drop of 1.4%, contrary to an increase that economist had projected. After upbeat job and inflation figures from Britain, these consumption statistics take one of sterling\s sole supporting points. The data is now downbeat as well.
GBP/USD also continues suffering from the Federal Reserve’s fallout. Investors continue digesting the Fed’s intention to debate reducing bond buys and bringing forward rate hikes.
Analysis: SCRUM Team