Daily Market Analysis 29/10/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.38033 with take profit at 1.38134.
Bearish Preference: 
Sell position is envisaged if price trades below 1.37738  with take profit at 1.37642.
1:30pm USD Core PCE price    Index
USD Chicago PMI
3:00pm USD Revised UoM Consumer Sentiment

Comment: The GBP/USD pair has managed to erase a portion of its weekly losses on Thursday but failed to recapture the 1.3800 mark. However, the fact that the EUR/GBP pair registered gains for the second straight day on Thursday suggests that GBP/USD’s recovery was fueled by the broad-based USD weakness rather than GBP strength.

Analysis: SCRUM Team

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