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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1.25730 with take profit at 1.25827
Bearish Preference:
A sell position is envisaged if the price trades below 1.25587 with take profit at 1.25468
Fundamentals:
3PM BOE Gov Bailey Speaks
1:30PM USD: CPI m/m
CPI y/y Core CPI m/m
7PM GBP: Claimant Count Change
Comment:
The British pound rallied on stellar jobs data (see economic calendar below. All metrics showed improvement which is not a good sign for Bank of England (BoE) doves. Concerns around sticky core inflation from the BoE’s Mann and aggressive monetary policy comments from Haskel yesterday will surely be heightened with today’s data and the fact that several other BoE speakers are scheduled for today (Greene, Governor Bailey and Dhingra) could augment the hawkish bias. The U.S. dollar traded largely unchanged on Monday in the early European session, near multi-week lows as traders seem reluctant to take news positions at the start of a week that includes a policy-setting meeting by the Federal Reserve.
Analysis: SCRUM Team
