Daily Market Analysis 17.05.2022: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.24956 with take profit at 1.25430
Bearish Preference: 
Sell position is envisaged if price trades below 1.24350 with take profit at 1.24102
Core Retail Sales m/m   1:30 PM
Retail Sales m/m             1:30 PMFed Chair Powell Speaks    7:00 PM

The U.S. dollar edged lower in early European trade Tuesday, slipping back from a 20-year high as gains in global equity markets helped risk appetite rebound to the detriment of this safe haven.  At 3:15 AM ET (0715 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 103.953, falling back from Friday’s 105 level, its highest since December 2002.

Analysis: SCRUM Team

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