🔍 Technical Analysis
Trend: Bullish
Key Levels:
Support: 1.3430, 1.3500
Resistance: 1.3630, 1.3700, 1.3834
Indicators:
RSI: Nearing overbought, suggesting short-term pullbacks.
Moving Averages: Price above key averages supports bullish outlook.
A move above 1.3630 could target 1.3700 and 1.3834; below 1.3430 may test lower support.
📰 Fundamental Factors
US Dollar Weakness: Dollar index down to 98.9 due to trade policy concerns and fiscal deficits.
UK Economic Outlook: Pound expected to rise against USD, driven by UK economic growth and BoE's gradual rate cuts.
Economic Data:
US ISM Manufacturing PMI: Fell to 48.5 in May, indicating manufacturing contraction.
Upcoming US JOLTs Report: Likely decrease in job openings, hinting at US labor market softening.
📅 Key Events This Week
3 June: US JOLTs Job Openings report.
5 June: Bank of England monetary policy meeting.
7 June: US Non-Farm Payrolls data.