Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.32566 with take profit at 1.32694.
Bearish Preference:
Sell position is envisaged if price trades below 1.32375 with take profit at 1.32238.
Fundamentals:
No Major Fundamental.
Comment: The UK kicked off 2021 with an advantage – it secured more vaccines than its peers in the West, and its population seemed enthusiastic to get jabbed. That advantage was closed by Britain’s peers, and in 2022, most of the world will have access to immunization. While the disease is global, other issues like Brexit, monetary policy, and fiscal moves are local. The bullishness of the Bank of England could prove temporary and backfire, while other matters may leave the monarchy behind. This has helped the safe haven currencies, like the U.S. dollar, push higher Tuesday. However, the main focus is on the Federal Reserve, which starts its two-day policy-setting meeting later Tuesday.
Analysis: SCRUM Team