Daily Market Analysis 24|07|2020: GBPUSD

Daily Analysis / Online Education

Daily Market Analysis 24|07|2020: GBPUSD

Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

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
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

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