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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.38530 with take profit at 1.38749.
Bearish Preference:
Sell position is envisaged if price trades below 1.37656 with take profit at 1.37423.
Fundamentals:
None with a high impact on the pair.
Comment: GBP/USD experienced the worst week in about 9 months, extending June’s top. The pair also cleared rising support from about a year ago. As such, the dominant uptrend is looking increasingly vulnerable. Extending losses may place the focus on the 1.3671 – 1.3779 support zone. At that point, the 200-day SMA could also come into play to reinstate the narrative to the upside. If prices bounce instead, the British Pound may turn back towards 2018 highs to retest former rising support.
Analysis: SCRUM Team
