Forex Daily Analysis : 08 March 2021

The daily forex analysis for 08 March 2021 today discusses the movement of the Pound Sterling currency which weakened against the US Dollar, this weakness was due to the strengthening of the US Dollar after the release of positive employment data outside the agricultural sector and the number of monthly unemployment. In addition, the weakening of the Pound Sterling is due to political tensions in the Eurozone with the United Kingdom, the tension concerns Northern Ireland. For today's market movement in the Asian session, GBPUSD is expected to still weaken, even though the stimulus of the American Covid-19 relief package has been officially launched. The bill on the US Covid-19 stimulus package proposed by president-elect Joe Biden has been officially passed by Congress. At the end of last week, with the results of the vote that had been carried out by the Senate, finally produced a vote of 50 - 49, previously the result had been passed with a long and tough debate between Democratic Party members and the Republican Party. For details about the stimulus package, a maximum of up to US$1400 in direct cash assistance to all US citizens, then an extra fund of unemployment benefits of US$300 per person until September. In addition to the details above, funds worth US $350 billion will be allocated to states in the United States. Meanwhile, education funds will be allocated at US$130 billion, then US$49 billion will be allocated for vaccine development and research assistance, then for stimulus funds worth US$14 billion for vaccine distribution. Some experts argue that positive sentiment remains and supports the US Dollar, this is due to the good release of positive economic data. In addition, the weakening of the US Dollar can be dampened, although in the end the Covid-19 aid package bill has reached an agreement with a nominal value of US $1.9 trillion, but it is estimated that the US Dollar will still maintain its strength against other major currencies at the highest level, although sometimes it must weaken first.

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 1.38000. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on March 08, 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.