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GBPUSD: move down from high
2023-04-09
915
Fundamental analysis:
GBP/USD remained volatile around 1.24151, as investors generally believed that the Bank of England would raise interest rates further. Expectations of rate hikes are expected to lend some support to sterling as it makes domestic sterling-denominated fixed-income investments look more attractive. But in any case, the trend of the pound still depends on the face of the dollar.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics remain oscillating and moving down, the short-term decline may continue, the market's short-term sentiment is gradually declining, the MACD indicator is in the bullish area and fluctuates downward, and the RSI indicator is near the 50 balance line and moves down;
Resistance levels: 1.24473 1.24648
Support levels: 1.23961 1.23786
Trading strategy: bearish below 1.34264, target 1.23961 1.23786
Alternative strategy: Bullish above 1.34264, target 1.24473 1.24648
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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