Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.22526 with take profit at 1.22740
Bearish Preference:
Sell position is envisaged if price trades below 1.21917 with take profit at 1.21653
Fundamentals:
8:00am GBP GDP m/m
Comment:
The U.S. dollar weakened in early European trade Friday as fears that the U.S. economy was heading towards recession mounted, ahead of next week’s crucial Federal Reserve meeting. GBP/USD rose 0.1% to 1.2242, with the Bank of England set to announce its monetary policy decision next week, with another interest rate increase of 50 basis points expected.
Analysis: SCRUM Team