Instrument: GBPUSD
Technical Analysis
Bearish Preference:
Sell is envisaged if price trades below 1.38240 with take profit at 1.38141
Bullish Preference:
Buy is envisaged if the price trades above 1.38808 with take profit at 1.39006
Fundamentals:
No major Fundamental
Comment: GBP/USD is under pressure as US growth expectations boost the dollar. The UK’s reopening and rapid vaccination campaign are helping sterling hold up but the cable is set to succumb to dollar strength.
Additionally, the U.S. Senate passed the $1.9 trillion stimulus package, proposed by President Joe Biden earlier this year, over the weekend. This raises the likelihood that this bill will be passed into law before enhanced jobless benefits expire on March 14.
Analysis: SCRUM Team