Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.34400 with take profit at 1.34527.
Bearish Preference:
Sell position is envisaged if price trades below 1.34205 with take profit at 1.34097.
Fundamentals:
None with high impact on the pair
Comment: The dollar was up on Monday morning in Asia, remaining near a 16-month high against the euro. Concerns over the rising numbers of COVID-19 cases in Europe also saw investors turn towards the safe-haven U.S. currency. There are no important economic reports scheduled to be released in the UK today, meanwhile, on the Brexit front, the European Commission Vice President Maroš Šefčovič accused the UK Brexit Minister David Frost of ‘political posturing’ over the Northern Ireland (NI) protocol, citing ‘more urgency’ required in negotiations. Investors digest the weekend’s comments from the Bank of England (BOE) Governor Andrew Bailey. Bailey said that inflation could be “elevated for longer” but there is also a chance that it does not prove as persistent as feared.
Analysis: SCRUM Team