Instrument: GBPUSD+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1.25321 with take profit at 1.25681
Bearish Preference:
A sell position is envisaged if the price trades below price 1.24751 with take profit at 1.22410
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
Comment:
The dollar started last month on a firm footing on expectations sticky inflation would prompt the Federal Reserve to take interest rates higher than previously thought. However, the failure of two regional U.S. banks in March tempered those expectations, and soft economic data has added to the growing belief that the U.S. central bank may soon stop increasing interest rates, a move which is dollar bearish. U.S. job openings dropped to their lowest level in nearly two years in February, data showed Tuesday, and this followed on from Monday’s Institute of Supply Management’s manufacturing purchasing managers index falling to a 21-month low in February.
Analysis: SCRUM Team