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GBPUSD: high move up
2023-03-21
914
Fundamental analysis:
GBP/USD remained volatile around 1.22774, and the Bank of England will decide next week whether to raise interest rates for the 11th consecutive time. If interest rates continue to be raised, it may be able to stimulate the pound to go higher. On the contrary, if it does not move, the pound may only continue to maintain a range-bound trend pattern.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls are moving upwards slowly at a high level, bullish sentiment is emerging in the market, and there is a trend of continuing to move upwards in the short term. The MACD indicator is on the upper side of the 0 axis and slowly moves upwards, and the RSI indicator is in the bulls zone and continues to rise;
Resistance levels: 1.23062 1.23407
Support levels: 1.22327 1.22092
Trading strategy: bearish below 1.22619, target 1.22327 1.22092
Alternative strategy: Bullish above 1.22619, target 1.23062 1.23407
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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