Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.27883 with take profit at 1.28035
Bearish Preference:
A sell position is envisaged if the price trades below 1.27060 with take profit at 1.26681
Fundamentals:
3:00pm USD Fed Chair Powell Testifies
Comment:
The U.S. dollar steadied in early European trade Wednesday ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress, while sterling gained with U.K. inflation remaining highly elevated. The Bank of England meets on Thursday, and is still widely expected to increase interest rates once more from the current 4.5% level with inflation still more than four times above the central bank’s 2% medium-term inflation target.
Analysis: SCRUM Team