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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The market initiated a bullish trend between levels 1.0400-1.0600, which could potentially prevent any further decline.
Bulls continued to defend the rising bottoms around 1.1150 and 1.1750, resulting in an anticipated bullish continuation above 1.1750.
At 1.2340, initial bearish rejection was observed before a bullish bounce occurred.
However, the GBPUSD bulls failed to reach a new high, and instead formed a double-top pattern around the same price level.
This resulted in a bearish pullback towards 1.1800, which was considered a valid buying opportunity with an initial target of approximately 1.2350.
Recent fundamental analysis suggests that the UK's economic recovery and successful vaccination campaign have supported the GBPUSD pair, while low interest rates and inflation concerns have pressured the USD.
Despite this optimistic outlook, traders must remain cautious of any news that could impact the currency pair's performance.
If the pair persistently trends upwards above 1.2340, it could advance further towards 1.2700. However, if the current bullish trend around 1.2500 proves to be a trap, another bearish movement towards 1.1750-1.1800 should be expected.
*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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