Forex Daily Analysis : 08 February 2021

The daily forex analysis on February 08, 2021 will discuss the British currency/Pound Sterling versus the US Dollar, predicted on Monday (February 08, 2021) early this week to move weaker/lower. The weakening of the Pound Sterling was caused by the strength of the Greenback, although on Friday last weekend it had weakened limitedly. On Friday last weekend, the pound moved higher/higher after the release of negative US NFP data. In addition, the strengthening of the Pound Sterling is also supported by optimistic reports regarding the Covid-19 virus vaccination program in the UK. The US dollar is trying to bounce back from its weakness against other major currencies, which occurred after the release of NFP data at the end of last week. Some analysts argue that there is still a chance for the US Dollar to show its strength further. The strengthening of the US dollar depends on the progress of the progress in the stimulus package plan and the success of the distribution of the Covid-19 vaccine. With the control of the Senate on the side of the US Democratic Party, it is expected to pass the stimulus plan for President Biden's Covid-19 relief fund package worth US$1.9 Trillion. However, the final approval of the stimulus plan is still in the congress. Market participants are hoping that the stimulus proposal will soon become law despite rejection from Republicans. As we know that the Republican senators will approve if the stimulus amount is below US$1.9 trillion, and they propose the stimulus amount is only in the range of US$700 billion. On the other hand, regarding the increase in Covid-19 vaccinations that have been carried out and the continued distribution of the vaccine, it gives a positive signal for investors. It is hoped that America will soon be able to overcome the Corona pandemic quickly and the economy will soon rise. However, there is a recent news from the Financial Times (FT) newspaper which cited a study, where the results of the study said that the Oxford/AstraZeneca vaccine is not effective against Covid-19 for the race of people in South Africa. In addition, on the negative side, there is also news about the second hotel quarantine worker who tested positive for the coronavirus (Covid-19) in Melbourne.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.37200. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex 08 February 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.