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.
Fundamentals:
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