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GBPUSD: Shock and fall
2023-04-18
929
Fundamental analysis:
Sterling remained volatile near 1.23760 against the dollar Speculators in Chicago's International Monetary Market (IMM) have sharply reduced their net short positions in sterling, raising the bar for sterling to extend its recent gains against the dollar this week. UK data due this week could influence the Bank of England's interest rate expectations.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term continued to fluctuate and fall, the market as a whole is in a bearish downward trend, the MACD indicator is in the bearish area and moves downward, and the RSI indicator is in the bearish area to maintain consolidation;
Resistance levels: 1.24000 1.24202
Support levels: 1.23596 1.23431
Trading strategy: bearish below 1.23819, target 1.23596 1.23431
Alternative strategy: Bullish above 1.23819, target 1.24000 1.24202
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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