Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.36440 with take profit at 1.36586
Bearish Preference:
Sell position is envisaged if price trades below 1.35993 with take profit at 1.35879
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
7:00pm USD FOMC Statement
7:30pm USD FOMC Press Conference
Comment:
GBP/USD cheers the US dollar pullback heading into Wednesday’s London open, up 0.14% on a day around 1.3630. In doing so, the cable pair refreshes intraday high while printing the first positive daily performance in four, not to forget bouncing off a three-week low. Among the US data, ADP Employment Change, ISM Services PMI and Factory Orders will be the key while the Fed is expected to keep the benchmark rate unchanged but taper monthly bond purchases by $15 billion.
Analysis: SCRUM Team