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Daily Market Analysis 02/08/2021: GBPUSD

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Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.39464 with take profit at 1.39608.
Bearish Preference: 
Sell position is envisaged if price trades below 1.39097 with take profit at 1.38940.
Fundamentals:
3:00pm    USD    ISM                                  Manufacturing PMI 

Comment: Cable is starting to weaken after a substantial run, and is anticipated to do a bit more back-and-filling even if higher prices lie ahead. The 400 pip pop made GBP/USD due for a pullback, but the question will be how much of one?

Analysis: SCRUM Team

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