GBP - Weak Bullish
1️⃣ According to UK’s Public Health officials, the Pfizer and AstraZeneca vaccines are only 33% effective against the Delta variant after a single shot. However, the effectiveness of both vaccines improves to above 90% after two doses.
2️⃣ Focus are now will be on fresh macro updates on jobs and retail sales - both expected to be GBP supportive.
AUD - Weak Bearish
1️⃣ Investors this week are expected to be cautious ahead of the FOMC meeting and avoid putting money in high-yielding countries.
2️⃣ Recent disappointment in AU business and consumer confidence.
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Technical
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We are buying the GBPAUD at support + SMA 50 + pivot point on the H1 chart.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.