Daily Market Analysis 29.11.2022: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 1.20345 with take profit at 1.20559
Bearish Preference: 
Sell position is envisaged if price trades below 1.19962 with take profit at 1.19803
4pm USD  CB Consumer Confidence

The U.S. dollar weakened in early European trade Tuesday and the Chinese yuan gained on hopes the Chinese government was set to ease its tight COVID-related mobility restrictions, boosting risk appetite. At 03:05 ET (08:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.4% to 106.165, after rising 0.5% overnight.  China reported on Monday its first drop in the number of daily infections in more than a week. This followed civil unrest over the weekend as frustrations over the country’s prolonged mobility restrictions boiled over. GBP/USD rose 0.5% to 1.2022, the risk-sensitive AUD/USD jumped 1% to 0.6716, while USD/JPY fell 0.5% to 138.25, even as retail sales data for October missed market expectations.

Analysis: SCRUM Team

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