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GBPUSD: Bears move down
2023-02-24
1017
Fundamental analysis:
GBP/USD remained volatile around 1.20199. UK sales in February were not as weak as expected, and sales growth was basically flat. Sales are expected to fall again in March and retailers expect to cut jobs again in the first quarter, but the outlook is becoming less gloomy.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the market bearish sentiment emerges, the MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line.
Long-short turning point: 1.20323
Suppression: 1.20546, 1.20748
Support: 1.20003, 1.19808
Trading strategy: bearish below 1.20323, target 1.20003, 1.19808
Alternative strategy: Bullish above 1.20323, target 1.20546, 1.20748
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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