Instrument: GBPUSD
Bullish Preference:
A Buy position is envisaged if the price trades above 1.25731 with take profit at 1.25805
Bearish Preference:
A Sell position is envisaged if the price trades below 1.25532 with take profit at 1.25450
Fundamentals:
3:45pm USD Flash Manufacturing PMI
Comment:
GBP/USD is trading above 1.2550, recovering ground in the European session on Black Friday. The pair is underpinned by a weaker US Dollar and strong UK PMI data. However, a rebound in the US Treasury bond yields and broader market sentiment could limit GBP/USD’s upside ahead of US PMIs.
According to the Financial Times, Bank of England (BoE) Chief Economist Huw Pill said early Friday that the central bank could afford to ease off tight monetary policy. Pill, however, added that they had to resist the temptation to declare victory and move on from the battle against inflation. These comments failed to trigger a noticeable reaction in GBP/USD.
Analysis: SCRUM Team