Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.34162 with take profit at 1.34274.
Bearish Preference:
Sell position is envisaged if price trades below 1.33758 with take profit at 1.33641.
Fundamentals:
4pm USD JOLTS Job Openings
USD Prelim UoM Consumers Sentiments
Comment: The pair found some support near mid-1.3300s and staged a modest rebound from the lowest level since December 2020 touched earlier this Friday, snapping three days of the losing streak. The US dollar witnessed some profit-taking after hitting 16-month tops, which, in turn, was seen as a key factor that extended some support to the GBP/USD pair. That said, any meaningful recovery still seems elusive and the attempted recovery move runs the risk of fizzling out rather quickly.
Analysis: SCRUM Team