Daily Market Analysis 24/11/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.33908 with take profit at 1.34044.
Bearish Preference: 
Sell position is envisaged if price trades below 1.33663 with take profit at 1.33568.
Fundamentals:2:30pm USD Prelim GDP q/q USD Unemployment Claim
4:00pm USD Core PCE Price Index m/m
8:00pm USD FOMC Meeting Minutes

Comment: The US Dollar Index is moving sideways around 96.50 on Wednesday. On Tuesday, the 10-year US T-bond yield came within a touching distance of the critical 1.7% level before retreating during the Asian trading hours. Market participants will keep a close eye on the PCE inflation report, which could have an impact on the June 2022 Fed rate hike bets and yields. The FOMC Minutes is unlikely to offer any surprises regarding the inflation or the policy outlook since the meeting had taken place before the October Consumer Price Index (CPI) report.

Analysis: SCRUM Team

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