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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.37102 with take profit at 1.37106.
Bearish Preference:
Sell position is envisaged if price trades below 1.36775 with take profit at 1.36681.
Fundamentals:
1PM USD FOMC Member Evans Speaks
1:30PM USD Core Durable Goods Orders m/m Durable Goods Orders m/m
7:00PM GBP BOE Gov Bailey Speaks
Comment: The UK Petrol Retailers Association has said 50-90% of stations are running dry in some areas, and the crisis may derail the recovery. Calls to avoid panic-stocking have only served to highlight the issue and to trigger long lines at pumps. Technically, GBP/USD continues its attempts to settle below the support at 1.3665 while the U.S. dollar is gaining some ground against a broad basket of currencies. The U.S. Dollar Index is currently stuck near 93.30. The nearest resistance level for the U.S. Dollar Index is located at 93.40. In case the U.S. Dollar Index settles above this level, it will gain additional upside momentum and move towards yearly highs near 93.75 which will be bearish for GBP/USD.
Analysis: SCRUM Team
