Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.21432 with take profit at 1.21628
Bearish Preference:
Sell position is envisaged if price trades below 1.20782 with take profit at 1.20514
Fundamentals:
US Bank Holiday
Comment:
The U.S. dollar edged lower in early European trade Monday, but remained in demand as a safe haven due to worries about slowing global growth while a U.S. holiday is likely to limit volatility. The fear of recession has been supported by recent economic data, with U.S. consumer spending, for example, growing far less than expected in May while the Atlanta Federal Reserve’s much-watched GDPNow forecast slid to an annualized minus 2.1% for the second quarter.
Analysis: SCRUM Team