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Daily Market Analysis 10/12/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.32345 with take profit at 1.32480.
Bearish Preference: 
Sell position is envisaged if price trades below 1.31967 with take profit at 1.31815.
Fundamentals:
2:30pm USD CPI m/m
USD Core CPI m/m

Comment: The GBPUSD pair edged higher during the early part of the trading action on Friday and was looking to build on this week’s recovery move from a one-year low, around the 1.3160 region touched on Wednesday. A subdued US dollar price action was seen as a key factor that extended some support to the GBP/USD pair, though a combination of factors kept a lid on any meaningful gains.

Analysis: SCRUM Team

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