Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.37899 with take profit at 1.37996.
Bearish Preference:
Sell position is envisaged if price trades below 1.37665 with take profit at 1.37577
Fundamentals:
7:00am GBP CPI y/y
Comment: The dollar consolidated at lower levels in early trade in Europe on Wednesday, after a sharp two-day drop driven by signs of weakening economic activity in the U.S. On Tuesday, fresh data had pointed to a further cooling-off in the U.S. housing market, with building permits and housing starts both falling. That came on top of industrial production data on Monday that showed U.S. factories increasingly struggling with supply chain issues.
Analysis: SCRUM Team