GBPUSD: oscillating down

Fundamental analysis:

GBP/USD remained volatile around 1.21660. The Bank of England predicts that GDP may shrink by 0.1% in the fourth quarter of 2022, which is slightly better than the economic forecast in November. But household consumption remained weak, most market indicators continued to deteriorate, and surveys of investment sentiment weakened further. The Bank of England also predicted that the impact of the British government's energy subsidies and tax increase policies on inflation would be relatively small.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline may continue, the market’s bearish sentiment begins to emerge, the MACD indicator is in the bearish area and slowly descends, and the RSI indicator is in the bearish area to maintain consolidation;

Long-short turning point: 1.21946

Suppression: 1.22384, 1.22787

Support: 1.21342, 1.20925

Trading strategy: bearish below 1.21946, target 1.21342, 1.20925

Alternative strategy: Bullish above 1.21946, target 1.22384, 1.22787