Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.24898 WithTake profit at 1.25038
Bearish Preference:
A sell position is envisaged if the price trades below 1.24681 with Take profit at 1.24566
Fundamentals:
GBP: Claimant Count Change
Comment:
The initial market reaction following the news has seen GBPUSD bounce around 30-pips from the key support area around the 1.2500 mark, this however proved to be short lived.
GBPUSD did close yesterday above the 1.2500 mark following a bullish engulfing candlestick pattern on the daily timeframe which would hint at further upside.
Britain’s labour market showed more signs of cooling in the three months through July, even as data showing another month of strong pay growth left the Bank of England (BoE) on track for a further interest rate hike next month.
Analysis: SCRUM Team