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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.20813 with take profit at 1.21086
Bearish Preference:
A Sell position is envisaged if the price trades below 1.20211 with take profit at 1.19896
Fundamentals:
No Major Fundamental
Comment:
The U.S. dollar edged higher in early European trade Monday, trading close to a five-week high ahead of the week’s keenly-awaited U.S. inflation data, which could provide more clarity about the Federal Reserve’s rate hike path. A strong inflation print could force markets to rethink whether the Fed will actually cut rates this year, particularly after the strong jobs report earlier in the month.
Analysis: SCRUM Team
