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GBPUSD: Bears move down

2023-05-17
861
Fundamental analysis:

GBP/USD remained volatile around 1.24858. The Office for National Statistics said that total employment fell for the first time in more than two years in April, a decrease of 136,000 from March. The job vacancy rate fell for the tenth straight time in the three months to April, reaching its lowest level since mid-2021.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics fluctuate downward, and the short-term decline may continue. The market as a whole is in the short-term respite and moves downward.

Resistance levels: 1.25079 1.25240

Support levels: 1.24710 1.24573

Trading strategy: bearish below 1.24937, target 1.24710 1.24573
Alternative strategy: Bullish above 1.24937, target 1.25079 1.25240

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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