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GBPUSD: wide range shock

2023-02-15
1037
Fundamental analysis:

GBP/USD remained oscillating around 1.21753. The employment rate in the UK from October to December 2022 was 75.6%, 0.2 percentage points higher than the previous three months. Job growth in the last three months was driven by part-time workers. The unemployment rate for October-December 2022 rose 0.1 percentage point month-on-month to 3.7%.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the short-term highs are blocked and the retracement begins to oscillate, the market’s bullish sentiment continues, the MACD indicator is in the bullish zone and slowly rising, and the RSI indicator is in a weak order on the side of the 50 balance line;

Long-short turning point: 1.21617

Suppression: 1.22032, 1.22293
Support: 1.21338, 1.21085

Trading strategy: Bullish above 1.21617, target 1.22032, 1.22293
Alternative strategy: bearish below 1.21617, target 1.21338, 1.21085

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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