Daily Market Analysis 11.01.2022: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.36042 with take profit at 1.36200.
Bearish Preference: 
Sell position is envisaged if price trades below 1.35736 with Take Profit at 1.35630 .
4:00pm USD Fed Chair Powell Testifies

Comment: U.K. retail sales jumped in December, growing 4.6% compared with December 2019, the British Retail Consortium said Tuesday. Another report from Barclaycard showed consumer spending was up 12.2% last month from two years before. The reports have created a degree of optimism that the U.K. economy, one of the hardest hit by the Covid pandemic, maybe weather the Omicron variant better than the previous iterations of the virus, that being said, the major focus this week will be on the latest U.S. inflation data and what this means for the pace at which the Federal Reserve will normalize its monetary policy by, hiking interest rates and shrinking its balance sheet.

Analysis: SCRUM Team

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