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GBPUSD: low move down
2023-01-04
1175
Fundamental analysis:
GBP/USD remained volatile around 1.19683, and Brexit will once again become an important market driver for the pound. Will Prime Minister Sunak reach a deal with the EU? His softer words are promising, but his backbenchers may always be against him. The key to sterling's strength still rests with officials staunchly pro-Brexit, which is not a good sign.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level short-term dynamics are oscillating downward, and the short-term decline may continue. The MACD indicator is in the short-term area and is in a downward trend. The RSI indicator is in a weak order below the 50 balance line;
Long-short turning point: 1.19861
Suppression: 1.20164, 1.20497
Support: 1.19361, 1.19038
Trading strategy: bearish below 1.19861, target 1.19361, 1.19038
Alternative strategy: Bullish above 1.19861, target 1.20164, 1.20497
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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