Daily Market Analysis 23|07|2020: GBPUSD

Daily Analysis / Online Education

Daily Market Analysis 23|07|2020: GBPUSD

Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

Buy position is envisaged if price trades above 1.27587 with take profit at 1.27927.
Alternative scenario: 
Sell position is envisaged if price trades below 1.27163 with take profit at key level 1.26742.
No major economic data with direct bearing to this pair.

Comment: The strength of the pounds sterling came as a result of negative news coming from the U.S and the current U.S/china tensions. Most investors are still uncertain to price in because they’re confused as to how the U.S decision against china will affect the U.S; this fear and uncertainty has made GBPUSD to bounce off a support yesterday and making it to possibly keep pushing up till the 1.30 level.

Analysis: SCRUM Team

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