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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 1.39442 with take profit at price 1.39589.
Bearish Preference:
A sell position is envisaged if price trades below 1.39016 with take profit at price 1.38878.
Fundamentals:
No major fundamental.
Comment: Gains accumulated around the June Federal Reserve meeting dissipated over last week as the US Dollar (via the DXY Index) dropped amid a steady stream of Fed speakers soothsaying markets about the pacing of stimulus withdrawal. A retrenchment in US Treasury yields coupled with US equity markets moving to all-time highs diminished demand for the world’s reserve currency, with the DXY Index closing out the week down by -0.55%.
Analysis: SCRUM Team
