Daily Market Analysis 24.10.2022: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.13615 with take profit at  1.13839
Bearish Preference: 
Sell position is envisaged if price trades below 1.12951 with take profit at 1.12754
9:30am     GBP Flash Manufacturing PMI
GBP Flash Services PMI

The U.S. dollar edged higher in early European trading Monday, absorbing suspected intervention by the Bank of Japan, while sterling pushed higher as former finance minister Rishi Sunak looked likely to become Britain’s prime minister. Elsewhere, GBP/USD rose to 1.1347, after former prime minister Boris Johnson pulled out of the running to replace the outgoing Liz Truss, with the Conservative Party due to announce its new leader, and thus PM, later Monday. Johnson’s decision means that former finance minister Rishi Sunak, seen as the most fiscally prudent option, is likely to win power. His appointment would likely reduce the political uncertainty hanging over the pound, for a little time at least.

Analysis: SCRUM Team

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