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Instrument: GBPUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.36947 with take profit at 1.37130.
Bearish Preference:
Sell position is envisaged if price trades below 1.36675 with take profit at 1.36483.
Fundamentals: No Major Fundamentals
Comment: The safe-haven dollar is taking a breather from gains as investors seem less fearful about the fate of Evergrande, China’s second-largest real-estate company. Soothing words from its Chairman and calm from commercial banks – which comment that it is not a “Lehman moment” are behind the improvement in sentiment. This may be short-lived, as the U.S. central bank’s policy-setting meeting starts later Tuesday, and markets will be looking for more information about plans for reining in its pandemic-era bond-buying program, the quarterly economic forecasts and the so-called dot plot, which the Fed uses to signal its outlook for the path of interest rates.
Analysis: SCRUM Team
