Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.38380 with take profit at 1.38485.
Bearish Preference:
Sell position is envisaged if price trades below 1.38093 with take profit at 1.37987.
Fundamentals:
USD 1:30PM Core Retail Sales m/m
Retail Sales m/m
Philly Fed Manufacturing Index
Unemployment Claims
Comment: The dollar drifted higher Thursday, with traders keeping their powder dry ahead of next week’s Federal Reserve meeting, looking for indications on when the central bank will start withdrawing its monetary stimulus. The index has been stuck in a trading range between the two-week high of 92.887 seen at the start of the week and Tuesday’s one-week low of 92.321 after a softer-than-expected inflation report. The foreign exchange market is now focusing squarely on the Federal Open Market Committee’s two-day policy meeting next week, expecting it to provide some clarity on the outlook for both tapering and eventual interest rate hikes.
Analysis: SCRUM Team
