Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.27185 with take profit at 1.27306
Bearish Preference:
A sell position is envisaged if the price trades below 1.26928 with take profit at 1.26824
Fundamentals:
1:30 PM USD Core Retail Sales m/m
Empire State Manufacturing Index
Retail Sales m/m
Comment:
The Pound Sterling rose against the dollar on Tuesday after data showed British wages grew at a record pace in the second quarter, adding to the Bank of England’s inflation worries, though gains were capped by some signs of a cooling labour market. Economists polled by Reuters had forecast a 7.4% rise. But the data also showed some fresh signs of cooling in the job market with the unemployment rate unexpectedly rising to 4.2% from 4%, the highest since the three months to October 2021 and climbing more quickly than the BoE has forecast.
Analysis: SCRUM Team