Instrument: GBPUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.26343 With take profit at 1.26485
Bearish Preference:
A sell position is envisaged if the price trades below 1.26210 with Take profit at 1.26041
Fundamentals:
4:00pm USD Prelim UoM Consumer Sentiment
Comment:
The British pound consolidated its gains above the $1.26 mark, reaching its highest level since late August as investors digested hawkish statements from Bank of England policymakers.
On Tuesday, Bank of England’s Deputy Governor Dave Ramsden stated that Britain’s monetary policy is likely to require a “restrictive” approach for an extended period to bring inflation back to the central bank’s 2% target.
Meanwhile, Chief Economist Huw Pill emphasized last week the necessity for the central bank to remain steadfast in its battle against inflation, asserting that it cannot afford to loosen its tight monetary policy.
Analysis: SCRUM Team