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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.21380 with take profit at 1.21595
Bearish Preference:
Sell position is envisaged if price trades below 1.20786 with take profit at 1.20572
Fundamentals:
3:00pm USD ISM Manufacturing PMI
Comment:
The U.S. dollar edged higher in early European trade Friday, trading close to the highs of the year on safe-haven demand as central banks take on inflation at the expense of economic growth.The dollar saw some weakness Thursday after U.S. consumer spending grew far less than expected in May, prompting benchmark 10-year Treasury yields to fall as low as 2.94%, set for their biggest weekly drop in seven weeks.
Analysis: SCRUM Team
