Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.38709 with take profit at 1.38867.
Bearish Preference:
Sell position is envisaged if price trades below 1.38501 with take profit at 1.38394.
Fundamentals:
3:00pm USD CB Consumer Confidence.
Comment: The dollar edged marginally higher in early European trade Tuesday, helped by concerns over the rise of Covid cases in Asia, but gains are minimal ahead of this week’s key payrolls release.
UK Health Secretary Sajid Javid wants to stick with the new reopening date of July 19 and insists that a return to normal is needed. By July 19, the UK will have vaccinated millions more.
The dollar benefits from cautious optimism about the US recovery while fears about inflation have taken a step back.
Analysis: SCRUM Team