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GBPUSD: Bears fall

2023-04-26
851
Fundamental analysis:

GBP/USD remained volatile around 1.24054. Bank of England Deputy Governor Broadbent: The UK is experiencing a second round of inflationary shocks. The term "spiral" is too strong a term to describe inflation. There are signs that wage pressures are starting to ease, but not enough.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high short-term momentum has fallen, the short-term decline continues to move downward, the market is shrouded in bearish sentiment, the MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line.

Resistance levels: 1.24273 1.24406

Support levels: 1.23930 1.23797

Trading strategy: bearish below 1.24131, target 1.23930 1.23797
Alternative strategy: bullish above 1.24131, target 1.24273 1.24406

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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