Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.38192 with a take profit at price 1.38346.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.37698 with a take profit at price 1.37547.
Fundamentals:
GBP: Net Lending to Individuals m/m (9:30am)
USD: FOMC Member Waller Speaks (4pm)
Comment: The British Pound has accelerated higher against its major counterparts in the first quarter of 2021, as markets priced in a faster-than-expected return to normality on the back of a highly-successful vaccination distribution program and the diminishing possibility of further monetary policy easing by the Bank of England.
From a technical level, although the long-term outlook for the Pound remains overtly bullish against the haven-associated US Dollar, fading upside momentum could trigger a period of consolidation. Generally looking we may still have bullish traded GBPUSD today.
Analysis: SCRUM Team