Instrument: GBPUSD+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 1.20701 with take profit at 1.20922
Bearish Preference:
A Sell position is envisaged if the price trades below 1.20324 with take profit at 1.20171
Fundamentals:
4:00pm USD ISM Manufacturing PMI
Comment:
The US dollar retreated in Europe today while the Chinese yuan rose sharply after economic data pointed to a recovery in the second largest economy in the world, sparking risk-on sentiment. Data released earlier Wednesday showed that China’s manufacturing activity expanded at the fastest pace in more than a decade in February, confirming that the economic recovery in China gained momentum over the past month after the country relaxed most of its anti-COVID measures in January.
Analysis: SCRUM Team
