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GBPUSD: high upside

2022-12-12
1211
Fundamental analysis:
GBP/USD remained volatile around 1.22713, with the gloomy outlook for the UK economy likely to deter traders from making aggressive bets around the pound and limit GBP/USD, at least for now. Traders will now turn their attention to U.S. data due later in the day.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:
The 4-hour chart: the bullish momentum is at a high level and continues to fluctuate upwards, short-term bullish sentiment emerges, the previous high is close at hand and is about to break, the bullish situation is good, the MACD indicator is in the bullish zone and slowly rising, and the RSI indicator is in the 50 balance line.
Long-short turning point: 1.22505
Suppression: 1.23088, 1.23453
Support: 1.22150, 1.21784
Trading strategy: Bullish above 1.22505, target 1.23088, 1.23453
Alternative strategy: bearish below 1.22505, target 1.22150, 1.21784

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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