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Instrument: GBPUSD
Bullish Preference:
A Buy position is envisaged if the price trades above 1..22882 WithTake profit at 1.23037
Bearish Preference:
A Sell position is envisaged if the price trades below 1.22546 with Take profit at 1.22387
Fundamentals:
9:30 GBP Flash Manufacturing PMI
Flash Services PMI
2:45PM USD: Flash Manufacturing PMI
Flash Services PMI
Comment:
GBP/USD’s slide has paused as it approaches significant support at the March low of 1.1800. Given oversold conditions, and light positioning, a minor rebound wouldn’t be surprising. Any break above the initial resistance at the October 11 high of 1.2350 could open the way toward the 200-day moving average (now at about 1.2450). Zooming out, the retreat in July from the 200-week moving average and the subsequent sharp decline raises the odds that the retracement is the correction of the rally that started a year ago.
Analysis: SCRUM Team
