Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.37818 with take profit at 1.37918.
Bearish Preference:
Sell position is envisaged if price trades below 1.37438 with take profit at 1.37338.
Fundamentals:
Tentative: GBP Annual Budget Release
Comment: The dollar edged lower in early European trade Wednesday in calm trading ahead of next week’s Federal Reserve meeting, while the U.K. budget places sterling in focus. Sterling could be vulnerable Wednesday as U.K. Chancellor of the Exchequer Rishi Sunak delivers his annual budget. Much of the talk ahead of this set piece has been about Sunak loosening the purse strings, following leaks that he is set to end the public sector pay freeze, but the Chancellor still faces a tricky balancing act in this year’s budget.
Analysis: SCRUM Team