Skip to content 
Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.24647 With take profit at 1.24795
Bearish Preference:
A sell position is envisaged if the price trades below 1.24288 with Take profit at 1.24122
Fundamentals:
1:30 PM USD: Core PPI m/m
Core Retail Sales m/m PPI m/m
Retail Sales m/m
Unemployment Claims
Comment:
The British Pound has been marking time in recent weeks, pausing a slow and steady decline against the US Dollar since July. That said, retail traders are increasing downside exposure of late. This can be seen by looking at IG Client Sentiment (IGCS), which often functions as a contrarian indicator. With that in mind, will Sterling reverse higher? On the daily chart, GBP/USD remains technically biased lower in the aftermath of confirming a breakout under a bearish Head & Shoulders chart formation. But, since then, prices have been stabilizing around the 200-day Moving Average. The latter is thus maintaining the dominant upside focus.
Analysis: SCRUM Team
