Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.18547 with take profit at 1.18724.
Bearish Preference:
Sell position is envisaged if price trades below 1.18008 with take profit at 1.17814.
Fundamentals:
1:30PM USD Core Retail Sales
3:00PM USD Prelim UoM Consumer Sentiment
Comment:
The U.S. dollar surged higher in early European trade Thursday, continuing its seemingly relentless march higher on the back of expectations of further hefty rate hikes by the Federal Reserve after the release of the latest red-hot inflation data. The gains followed Wednesday’s release of the June U.S. CPI, which soared 9.1% year-on-year, climbing to a new four-decade high.
Analysis: SCRUM Team