Instrument: GBPUSD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.25653 with take profit at key level 1.26016.
Alternative scenario:
Sell if price trades below 1.25067 with take profit at 1.24623.
Fundamentals:
CPI m/m (USD) 1:30 pm
Core CPI m/m (USD) 1:30 pm
Comment: Looking at the Fundamentals, the cable’s GDP m/m report which measure economic growth came well below expectation, from the string of reports that came out of Britain, only the manufacturing production came out positive. Technically, we see the instrument around a turncoat resistance on the H4, and data from Britain has not been encouraging of enough to push the pair downward, we should look for price going higher at the entry levels stated above.
Analysis: SCRUM Team