Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 1.33447 with take profit at 1.33572.
Bearish Preference:
A Sell position is envisaged if price trades below price 1.33305 with take profit at 1.33173.
Fundamentals:
3:45pm USD Chicago PMI
4:00pm USD Fed Chair Powell Testifies
USD CB Consumer Confidence
USD Treasury Sec Yellen Speaks
7:00pm USD FOMC Member Clarida Speaks
Comment: Following a brief consolidation through the first half of the trading action on Tuesday, the GBP/USD pair regained positive traction and is now looking to build on its recent bounce from a YTD low. The uptick was exclusively sponsored by the heavily offered tone surrounding the US dollar, weighed down by a steep decline in the US Treasury bond yields. President Joe Biden had boosted sentiment on Monday by stating that the United States would not reinstate lockdowns, even in the face of the uncertainty surrounding the omicron variant.
Analysis: SCRUM Team