Instrument: GBPUSD
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 1.27250 with take profit at 1.27665
Alternative scenario:
Sell position is envisaged if price trades below 1.27104 with take profit at 1.26950
Fundamentals:
2:45PM USD Flash Manufacturing PMI
Comment: China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a U.S. demand this week that China close its Houston consulate, as relations between the world’s two largest economies deteriorate.
The dollar slid to 22-month lows against a basket of currencies as a result of this and it is expected to continue this slide today as all data from the GBP this morning have been extremely positive.
Analysis: SCRUM Team