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GBPUSD: continued to decline
2023-02-16
1001
Fundamental analysis:
Sterling remained volatile around 1.20332 against the dollar, with the Bank of England aiming to keep inflation at 2%, but current interest rates are still more than five times that level. Its traditional response to rising inflation is to raise interest rates.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bearish sentiment in the market is still there, the short-term continues to fluctuate downward, the low level fluctuates within a narrow range, and there is a trend of continuing to move downward, the MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 1.20513
Suppression: 1.20818, 1.21115
Support: 1.20047, 1.19768
Trading strategy: bearish below 1.20513, target 1.20047, 1.19768
Alternative strategy: Bullish above 1.20513, target 1.20818, 1.21115
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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