Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 1.36912 with take profit at price 1.37141.
Bearish Preference:
A sell position is envisaged if price trades below price 1.36563 with take profit at price 1.36334.
Fundamentals: No major fundamental.
Comment: GBP/USD’s price action has been unexciting over the past few months. During this time, the pair has been coiling inside what appears to be a symmetrical triangle, making lower highs and higher lows in a sequential fashion, a clear trait of an asset in consolidation mode. Lately, lower volatility on account of thinner volume, typical of the summer season, has made price action even less attractive to traders accustomed to wild swings. In fact, neither red-hot inflation nor weak retail sales data from the UK this week were able to rouse the pair from its slumber.
Analysis: SCRUM Team