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GBPUSD: shock retracement
2023-02-10
1207
Fundamental analysis:
Sterling remained volatile around 1.21137 against the dollar. In the coming months, the Bank of England will have to deal with higher-than-expected inflation data, which means that interest rates will rise for a longer period of time. Sterling's losses in recent days after the Bank of England's last meeting looked overdone.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continued its upward trend and fluctuated upwards, and there was a short-term retracement. The market's bullish sentiment remained, the MACD indicator remained in the bearish area and moved up, and the RSI indicator hovered weakly near the 50 balance line;
Long-short turning point: 1.20963
Suppression: 1.21380, 1.21649
Support: 1.20685, 1.20435
Trading strategy: Bullish above 1.20963, target 1.21380, 1.21649
Alternative strategy: bearish below 1.20963, target 1.20685, 1.20435
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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