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GBPUSD: low volatility
2023-02-08
1034
Fundamental analysis:
GBP/USD remained volatile around 1.20383. The Bank of England is more likely to continue raising interest rates in March, but the range may be reduced to 25 basis points. The pound hit a near one-month low of 1.2005 against the dollar on February 6, but the Bank of England's interest rate hike expectations gave support to the pound, limiting its downside.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum maintains a low and narrow range, the market’s long-term momentum is slowly rising, and the short-term bullish sentiment may continue. The MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Long-short turning point: 1.20288
Suppression: 1.20670, 1.20948
Support: 1.19998, 1.19720
Trading strategy: Bullish above 1.20288, target 1.20670, 1.20948
Alternative strategy: bearish below 1.20288, target 1.19998, 1.19720
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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