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GBPUSD: slow down
2022-12-20
1023
Fundamental analysis:
Sterling remained volatile around 1.21466 against the dollar, with the market seeing the pound as the most vulnerable as the Bank of England is closer to ending its tightening cycle than the Fed and the UK's large current account deficit makes the pound vulnerable to a global economic slowdown.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains a narrow range of consolidation and slows down, the market’s short-term sentiment emerges, and the short-term decline may continue. The MACD indicator is in the short-term area to maintain consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 1.21654
Suppression: 1.22030, 1.22384
Support: 1.21123, 1.20789
Trading strategy: bearish below 1.21654, target 1.21123, 1.20789
Alternative strategy: Bullish above 1.21654, target 1.22030, 1.22384
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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