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Daily Market Analysis 07/07/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.38227 with take profit at 1.38358.
Bearish Preference: 
Sell position is envisaged if price trades below 1.37975 with take profit at 1.37813.
Fundamentals:
7:00 pm USD FOMC Meeting Minutes

Comment: The dollar edged lower in early European trade Wednesday ahead of the release of the keenly-awaited minutes from the last Federal Reserve meeting, with traders looking for clues on the direction of the economy and interest rates. The Pound US Dollar (GBP/USD) currency pairing is expected to dip going forwards, as ongoing Covid concerns add to Britain’s woes over the Northern Ireland Protocol. Meanwhile, tensions between Britain and the European Union (EU) are rising again as inflammatory comments fly from Northern Ireland and Brussels.

Analysis: SCRUM Team

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