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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.35218 with take profit at 1.35402.
Bearish Preference:
Sell position is envisaged if price trades below 1.34875 with take profit at 1.34663.
Fundamentals:
No major Fundamental.
Comment:
GBP/USD trades around the 1.3515 level at the time of writing, coming off a half a percentage point on Friday after relatively strong US NFP jobs data. Should recent selling continue, the next level of support lies at 1.3410/1.3400 before 1.3280 which is still some distance away. Should GBP/USD close convincingly above the 1.3515 level, 1.3600 becomes immediate resistance followed by 1.3675. The pair may continue in a rather choppy fashion as BoE and Fed rate hike expectations increase in tandem, offering little to support any clear and obvious trend.
Analysis: SCRUM Team
