Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 1.15203 with take profit at 1.15460
Bearish Preference:
A sell position is envisaged if price trades below price 1.14738 with take profit at 1.14534
Fundamentals:
3pm USD FOMC Member Mester Speaks
5:35 pm USD FOMC Member Brainard Speaks
Comment:
Bloomberg reported on Tuesday that Truss is eyeing up to 40 billion pounds of support for businesses to get through the coming winter, while a report on Wednesday estimated that relief measures for households could run to as much as 130 billion. Bloomberg reported on Monday that Truss intends to scrap the pricing formula proposed by regulator Ofgem, under which household bills are set to rise by around 80% from October. Instead, the government itself will set a reference price, it added. A similar plan under which the responsibility for price-setting would also rest with the government is to be presented to businesses within a month, Bloomberg reported on Friday.
Analysis: SCRUM Team