Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.31460 with take profit at 1.31574
Bearish Preference:
Sell position is envisaged if price trades below 1.31251 with take profit at 1.31135
Fundamentals:
3:00pm USD ISM Services PMI
Comment:
On the economic data front, the UK Services PMI was revised higher and finalized at 62.6 for March as against the 61 flash estimates, though did little to impress bulls. Market participants now look forward to the release of the US ISM Services PMI. This, along with the US bond yields and fresh developments surrounding the Russia-Ukraine saga, might influence the USD price dynamics and provide some impetus to the major.
Analysis: SCRUM Team