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GBPUSD: Bears move down

2023-02-13

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GBPUSD

Fundamental analysis:

GBP/USD remained oscillating around 1.20483. The UK GDP annual rate revision in the fourth quarter was 0.4%, expected to be 0.40%, and the previous value to be 1.90%. It is the smallest increase since Q1 in 2021. The UK avoids recession in the second half of 2022.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart: The short-term dynamics remain volatile and downward, and the short-term decline may continue. The market as a whole is in a weak position, and the bearish sentiment continues to emerge. The MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line. ;

Long-short turning point: 1.20611

Suppression: 1.20898, 1.21194

Support: 1.20231, 1.19980

Trading strategy: bearish below 1.20611, target 1.20231, 1.19980

Alternative strategy: Bullish above 1.20611, target 1.20898, 1.21194

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GBPUSD: Bears move down

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