Daily Market Analysis 12|04|2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above  1.37566 with a take profit at price 1.37749.
Bearish Preference: 
A Sell position is envisaged if price trades below price 1.37003 with a take profit at price 1.36761.
No major fundamental

Comment: The UK has vaccinated nearly 30 million people (as we write) with a first dose, while over 2.5 million people have had two doses of a Covid-19 vaccination. This impressive achievement should translate to a quicker-than-expected re-opening of the UK economy, potentially powering robust economic growth and boosting job prospects. The latest official employment figures will have pleased the government with the unemployment rate falling down to 5%, while the employment rate in the three months to January 2021 was estimated at 75%, marginally lower than the prior quarter. The UK economy is expected to grow by 4.5% this year, according to the latest IMF projections, and this may be upgraded due to the speed and success of the vaccination roll-out along with the substantial fiscal and monetary policies already in place.

Analysis: SCRUM Team

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