Instrument: GBPUSD
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 1.26206 with take profit at key level 1.25823.
Alternative scenario:
Buy position is envisaged if price trades above 1.26603 with take profit at 1.26900.
Fundamentals:
No major economic data with direct bearing to this pair
Comment: The news of a stimulus bill coming up in the UK which is supposedly meant to give more hopes for businesses in the UK has made investors realize that the UK economy is barely struggling to survive during this Pandemic, hence, investors are putting their money into the dollar which has recently being seen more as a safe haven. Hence, a bearish GBPUSD is envisaged.
Analysis: SCRUM Team