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GBPUSD: Bears on the downside
2022-12-07
1104
Fundamental analysis:
GBP/USD remained oscillating around 1.21287. The UK Financial Conduct Authority (FCA) has enacted stricter rules to protect consumers from illegal financial promotions. The new regulations suggest new measures to crack down on illegal, unfair or misleading financial marketing.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum maintains a high-level ladder and fluctuates downward, the short-term decline may continue, the overall short position in the market is good, the MACD indicator is in the bullish area and maintains a slow decline, and the RSI indicator is in a weak order below the 50 balance line;
Long-short turning point: 1.21503
Suppression: 1.21849, 1.22249
Support: 1.20897, 1.20529
Trading strategy: bearish below 1.21503, target 1.20897, 1.20529
Alternative strategy: Bullish above 1.21503, target 1.21849, 1.22249
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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