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GBPUSD: low move down
2022-12-23
1163
Fundamental analysis:
GBP/USD remained volatile around 1.20350. The UK's third-quarter GDP quarterly rate recorded -0.3%, and the economy shrank more than expected, further evidence that the UK has fallen into a recession that may last until 2024. The U.K. economy was 0.8% below its pre-pandemic level in the third quarter, a wider gap than the previous estimate of 0.4%.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term short-term dynamics fluctuate downward, the short-term decline may continue, the market short-term trend is good, the MACD indicator is in the short-term area, and the RSI indicator is in the short-term area.
Long-short turning point: 1.20518
Suppression: 1.20812, 1.21089
Support: 1.21013, 1.19843
Trading strategy: bearish below 1.20518, target 1.21013, 1.19843
Alternative strategy: Bullish above 1.20518, target 1.20812, 1.21089
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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