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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.20345 with take profit at 1.20559
Bearish Preference:
Sell position is envisaged if price trades below 1.19962 with take profit at 1.19803
Fundamentals:
4pm USD CB Consumer Confidence
Comment:
The U.S. dollar weakened in early European trade Tuesday and the Chinese yuan gained on hopes the Chinese government was set to ease its tight COVID-related mobility restrictions, boosting risk appetite. At 03:05 ET (08:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.4% to 106.165, after rising 0.5% overnight. China reported on Monday its first drop in the number of daily infections in more than a week. This followed civil unrest over the weekend as frustrations over the country’s prolonged mobility restrictions boiled over. GBP/USD rose 0.5% to 1.2022, the risk-sensitive AUD/USD jumped 1% to 0.6716, while USD/JPY fell 0.5% to 138.25, even as retail sales data for October missed market expectations.
Analysis: SCRUM Team
