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GBPUSD: Bulls move up
2023-08-16
742
Fundamental analysis:
GBP/USD remained volatile around 1.27031. The unemployment rate in the UK in July was 4%, which was expected to be 4%, and the previous value was 4.00%. The number of applicants for unemployment benefits in the UK in July was 29,000, compared with 25,700 in the previous month. It is the highest since February 2021.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the short-term bullish sentiment remains, the MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 1.27239 1.27466
Support levels: 1.26683 1.26487
Trading strategy: Bullish above 1.26905, target 1.27239 1.27466
Alternative strategy: bearish below 1.26905, target 1.26683 1.26487
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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