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GBPUSD: high retracement
2023-04-02
941
Fundamental analysis:
The British pound remained volatile near 1.23353 against the US dollar. The final annualized rate of GDP in the fourth quarter of the UK was 0.6%, expected to be 0.40%, and the previous value was 0.40%, the lowest since the first quarter of 2021. Britain's economy managed to eke out some growth in the last quarter of last year, but that doesn't change the worrying outlook as the cost of living crisis intensifies and inflation remains high.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics fluctuated and retreated, the long-term pull-up momentum weakened, and the short-term short-term dynamics showed signs of waiting for an opportunity to enter the market. The MACD indicator was in the long-term area for consolidation, and the RSI index was in the long-term area and moved down to near the 50 balance line for consolidation;
Resistance levels: 1.23697 1.23939
Support levels: 1.23124 1.22906
Trading strategy: bearish below 1.23471, target 1.23124 1.22906
Alternative strategy: Bullish above 1.23471, target 1.23697 1.23939
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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