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GBPUSD: Lower lows
2023-02-06
1125
Fundamental analysis:
Sterling remained volatile near 1.20547 against the dollar. The Bank of England's nine policymakers raised the benchmark interest rate from 3.5% to 4.0%, the highest since 2008, by a 7-2 ratio, downplaying forecasts for a recession this year. The Bank of England's relatively dovish statement on the direction of future interest rate policy has put pressure on the pound.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen at a low level, the market is shrouded in bearish sentiment, and it will continue to move downward in the short term. The MACD indicator is in the short-term area and maintains shocks and moves down, and the RSI indicator is in the short-term area and maintains shocks;
Long-short turning point: 1.20692
Suppression: 1.20942, 1.21159
Support: 1.20369, 1.20196
Trading strategy: bearish below 1.20692, target 1.20369, 1.20196
Alternative strategy: Bullish above 1.20692, target 1.20942, 1.21159
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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