Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.23605 with take profit at 1.23734
Bearish Preference:
Sell position is envisaged if price trades below 1.23146 with take profit at 1.23070
Fundamentals:
FOMC Member Waller Speaks by 6 PM
FOMC Member Mester Speaks by 8 PM
Comment:
GBP/USD has been fluctuating in a relatively tight range above 1.2300 so far on Tuesday after having closed the first day of the week virtually unchanged. The British pound is struggling to capitalize on risk flows, suggesting that the pair stays vulnerable with the dollar’s market valuation dominating the pricing action. The downward correction witnessed in the benchmark 10-year US Treasury bond yield helped GBP/USD limit its losses on Monday. In the absence of high-tier macroeconomic data releases, comments from Fed officials caused the US yields and the dollar to stay on the back foot.
Analysis: SCRUM Team