The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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GBP/USD is rising back towards 1.3900 as the US dollar has strengthened after a decline. UK PM Johnson warned over plotting Chancellor Sunak's demotion, British Business Chief urges for help over Brexit. Covid updates, stimulus.
From a technical perspective, the recent pullback from the vicinity of the 1.4000 psychological mark constituted the formation of a double-top on the daily chart. Moreover, repeated failures near a short-term descending trend-line resistance and subsequent weakness below the 1.3870 horizontal support now seems to have confirmed a descending triangle breakdown. The combination of bearish patterns suggests that the recent strong rebound from the lowest level since early February has run out of steam.
However, the lack of any strong follow-through selling warrants some caution for aggressive bearish traders. This makes it prudent to wait for a convincing break below the 38.2% Fibonacci level of the 1.4249-1.3572 downfall, around the 1.3830 region, before positioning for any further depreciating move. The pair might then turn vulnerable to slide further below the 1.3800 mark and extend the downward trajectory towards the 1.3765-60 support en-route 1.3730-25 region, or the 23.6% Fibo. level.
On the flip side, any meaningful recovery now seems to confront some resistance near the 1.3900 mark. This is closely followed by the 1.3920 confluence hurdle, comprising 100-day SMA and the mentioned descending trend-line. A sustained strength beyond, leading to some follow-through move beyond mid-1.3900s might prompt some technical buying. The pair might then aim back to challenge the double-top resistance near the 1.4000 mark, which if cleared will shift the bias back in favour of bullish traders.
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
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