Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1.25653 with take profit at key level 1.26016.
Alternative scenario: Sell if price trades below 1.25067 with take profit at 1.24623.
CPI m/m (USD) 1:30 pm
Core CPI m/m (USD) 1:30 pm
Comment: Looking at the Fundamentals, the cable's GDP m/m report which measure economic growth came well below expectation, from the string of reports that came out of Britain, only the manufacturing production came out positive. Technically, we see the instrument around a turncoat resistance on the H4, and data from Britain has not been encouraging of enough to push the pair downward, we should look for price going higher at the entry levels stated above.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 1804.72 with take profit at key level 1810.84.
Alternative scenario: Sell if price trades below 1790.54 with take profit at 1781.35.
CPI m/m (USD) 1:30 pm
Core CPI m/m (USD) 1:30 pm
Comment: The yellow metal has seen its price spike due to market instability caused by COVID, but as a lot of countries begin to flatten their curve and the economic sector reopens, we have seen gold price fall a bit, but investors are very careful in believing that everything would be back to normal in such a short timeline. Looking at the H1 and H4 we can see the instrument is on a strong support and the likelihood of prices moving higher is strong.
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