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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.22065 with take Profit at 1.22238
Bearish Preference:
Sell position is envisaged if price trades below 1.21703 with take Profit at 1.21535
Fundamentals:
3:00pm USD ISM Manufacturing PMI
Comment:
The dollar sank as markets continued to wager that the Federal Reserve has less tightening to do with the U.S. economy at risk of recession. Data at the end of last week tossed the greenback in both directions, with it rising initially after the personal consumption expenditures (PCE) price index showed the fastest inflation since 2005, only to sink after the final University of Michigan report – closely watched by Fed policymakers – showed slipping consumer inflation expectations.
Analysis: SCRUM Team
