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Daily Market Analysis 05.10.2023: GBPUSD

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Instrument: GBPUSD

Bullish Preference: 
Buy  position is envisaged if price trades above 1.21489 with take profit at 1.21654.
Bearish Preference: 
Sell position is envisaged if price trades below 1.21167 with take profit at 1.21058.
Fundamentals:
1:30pm USD Unemployment Claims

Comment: 
The dynamics of the USD have been significantly influenced by expectations of a hawkish Federal Reserve. This has been further compounded by the surprising halt in rate hikes by the BoE in September, which has presented challenges for the GBP. The US Treasury bond yield fluctuations have also invoked market reactions, affecting the pair’s performance.

Analysis: SCRUM Team

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