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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.20519 with take profit at 1.20975
Bearish Preference:
Sell position is envisaged if price trades below 1.19768 with take profit at 1.19324
Fundamentals:
3:00pm USD Existing Home Sales
Comment:
The European Central Bank may consider raising interest rates by a larger-than-expected 50 basis points at their meeting on Thursday due to the worsening inflation backdrop. In addition, Russia is poised to restart gas exports to Europe on Thursday after the completion of the Nord Stream pipeline’s maintenance. “If we do see Russian gas flows resume tomorrow, that will be good news for the euro/dollar and in the near term, euro can get a little boost and get away further from parity,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
Analysis: SCRUM Team
