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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.07770 with take profit at 1.08230
Bearish Preference:
Sell position is envisaged if price trades below 1.06224 with take profit at 1.05723
Fundamentals:
No major fundamental
Comment:
The British pound continued to slump in early European trading Monday, falling to a record low against the soaring U.S. dollar as traders doubted the sustainability of the new U.K. government’s economic plan. This weakness followed hefty selling on Friday after new U.K. finance minister Kwasi Kwarteng unveiled the country’s biggest package of tax cuts in 50 years, which would likely have to be funded by the biggest increase in borrowing since 1972 even with the country facing slowing growth and twin deficits.
Analysis: SCRUM Team
