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GBPUSD: high move up
2023-03-31
895
Fundamental analysis:
GBP/USD remained oscillating around 1.23854, and the Bank of England is expected to end its rate hike cycle now, but the data in the next few weeks is still extremely important for the May rate decision. The Fed and ECB are expected to raise interest rates by another 25 basis points in the coming months. This policy divergence should continue to weigh on sterling.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term momentum remains volatile and rising, the short-term bullish sentiment remains, the market bulls are constantly pulling up, the MACD indicator is in the long-term zone and the RSI indicator is in the long-term zone and slowly rising;
Resistance levels: 1.24077 1.24254
Support levels: 1.23588 1.23348
Trading strategy: Bullish above 1.23783, target 1.24077 1.24254
Alternative strategy: bearish below 1.23783, target 1.23588 1.23348
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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