Instrument: GBPUSD
Technical Analysis
Bullish Preference:
buy position is envisaged if the price trades above 1.24669 with take profit at 1.24730.
Bearish Preference:
sell position is envisaged if the price trades below price 1.24366 with take profit at 1.24255.
Fundamentals:
None with High Impact
Comment:
The U.S. dollar edged lower in early European trade Monday amid uncertainty surrounding the U.S. debt ceiling negotiations and after dovish comments from Fed chair Jerome Powell. The dollar received a blow late last week as negotiations over the potential raising of the U.S. debt ceiling, and thus avoiding a very damaging default, suddenly broke down with Republicans walking out of the meeting. U.S. President Joe Biden and House Republican Speaker Kevin McCarthy are set to meet later Monday, but compromises will have to be made and thus more brinkmanship is to be expected ahead of early June, when the Treasury is seen running out of money..
Analysis: GBPUSD