Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.42115 with take profit at 1.42262.
Bearish Preference:
Sell position is envisaged if price trades below 1.41517 with take profit at 1.41197.
Fundamentals:
3:00 pm GBP BOE Gov Bailey Speaks
Comment: The dollar was down on Tuesday morning in Asia, also hovering close to multi-month lows against European currencies, as investors ramped up bets that the U.S. Federal Reserve would not hike interest rates anytime soon.
Domestically, sterling has been buoyed recently as investors continue to cheer the easing of strict coronavirus restrictions on economic activity. Early Tuesday, the UK’s Office for National Statistics (ONS) will release the April month Claimant Count figures together with the Unemployment Rate for the first quarter to be released soon.
Analysis: SCRUM Team