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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades 1.32378 above with take profit at 1.32491.
Bearish Preference:
Sell position is envisaged if price trades below 1.32189 with take profit at 1.32082.
Fundamentals:
6:00pm GBP Bank Stress Test Results
6:30pm GBP BOE Gov Bailey Speaks
Comment: The British Pound has been abysmally weak of recent as one of the weakest major currencies in the FX market. Despite projections for near-term rate hikes out of the BoE, the currency hasn’t been able to catch a break since the early-November rate decision. At that meeting, GBP/USD was bristling for a top-side breakout and there were very legitimate expectations for a rate hike at that meeting. But, when the BoE didn’t adjust and instead kicked the can, the currency started to fall and has pretty much continued to do so ever since.
Analysis: SCRUM Team
