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GBPUSD: Bears fall

2023-07-28
856
Fundamental analysis:

Sterling remained volatile around 1.27938 against the dollar as advisers to British Chancellor of the Exchequer Hunt grew concerned that the Bank of England could raise interest rates too much in the coming months, risking pushing Britain into an unnecessary recession.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum is moving downward rapidly, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is in the short-term shock zone;

Resistance levels: 1.28360 1.28640

Support levels: 1.27701 1.27466

Trading strategy: bearish below 1.28057, target 1.27701 1.27466
Alternative strategy: bullish above 1.28057, target 1.28360 1.28640

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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