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GBPUSD: low move down
2023-02-07
1137
Fundamental analysis:
Sterling remained volatile around 1.20185 against the U.S. dollar. Investors sold the pound for profit-taking transactions. The economic damage caused by the decline in trade between the UK and the EU was more serious than that reflected in official data. Unfavorable macroeconomic conditions are expected to suppress the pound Performance.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to move downward, the short-term decline has not stopped, the market bearish sentiment emerges, and there is a trend of continued downward movement in the short term.
Long-short turning point: 1.20288
Suppression: 1.20550, 1.20795
Support: 1.19939, 1.39720
Trading strategy: bearish below 1.20288, target 1.19939, 1.39720
Alternative strategy: Bullish above 1.20288, target 1.20550, 1.20795
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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