Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.34417 with take profit at 1.34696 .
Bearish Preference:
Sell position is envisaged if price trades below 1.34026 with take profit at 1.33793.
Fundamentals:
10:00am USD ISM Manufacturing PMI
1:30pm GBP MPC Member Saunders Speaks
Comment:
The UK manufacturing sector activity expanded more than expected in February, the final report from IHS Markit confirmed on Tuesday. February saw rates of expansion in the UK manufacturing production and new orders both accelerate. Growth was boosted by stronger domestic demand and by firms catching up on delayed work as material shortages and supply chain disruptions started to dissipate. At the press time, GBP/USD is holding the upside above 1.3400, currently trading at 1.3425. The spot is modestly flat on the day.
Analysis: SCRUM Team
