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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.25283 with take profit at 1.25416
Bearish Preference:
Sell position is envisaged if price trades below 1.24939 with take profit at 1.24824
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
7:00pm USD FOMC Statement
USD Federal Funds Rate
7:30pm USD FOMC Press Conference
Comment:
GBP/USD remains exposed to downside risks, as we progress towards the Bank of England (BOE) ‘Super Thursday’. Another 25 basis points (bps) rate hike remains on the table from the BOE, although it would not be enough to rescue GBP bulls. The UK central bank is set to announce its policy decision at 11:00 GMT, which will be accompanied by the meeting’s minutes and inflation report.
Analysis: SCRUM Team
