Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.30810 with take profit at 1.30956.
Bearish Preference:
Sell position is envisaged if price trades below 1.30476 with take profit at 1.30319.
Fundamentals:
1:30pm USD PPI m/m
Comment:
The Bank of England (BoE) monetary policy decision is unlikely to lift the pound. The pair clings to modest daily gains below 1.3050 in the early European session but the negative shift witnessed in market mood is making it difficult for the British pound to continue to gather strength against the greenback. On the flip side, the greenback stays on the back foot amid falling US Treasury bond yields and helps GBP/USD stay afloat in positive territory.
Analysis: SCRUM Team