Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.36692 with take profit at 1.36878
Bearish Preference:
Sell position is envisaged if price trades below 1.36192 with take profit at 1.35912
Fundamentals:
No major fundamental
Comment:
The currency pair has failed to capitalize on the modest bearish pressure surrounding the dollar at the start of the week and has continued to edge lower with investors gearing up for the Bank of England (BoE) and the Federal Reserve policy meetings. Issues surrounding Brexit’s Northern Ireland protocol remain unresolved, reducing the British pound’s attractiveness to investors. There won’t be any high-tier macroeconomic data releases in the remainder of the day but the dollar could gather strength in case the market mood remains cautious ahead of the Fed meeting.
Analysis: SCRUM Team