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GBPUSD: Bears on the downside
2023-02-01
988
Fundamental analysis:
GBP/USD remained volatile around 1.23235. The British public’s long-term inflation expectations fell to 3.5% in January, close to the long-term average. High inflation and rising interest rates are testing the resilience of the Swedish financial system. British public expectations for one-year inflation fell to 5.4%.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term dynamics remain volatile and downward, the market is shrouded in bearish sentiment, the short-term decline may continue, the market as a whole is in the process of finishing and moving downward, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is at the 50 balance line The lower side hovers weakly;
Long-short turning point: 1.23302
Suppression: 1.23481, 1.23679
Support: 1.23032, 1.22861
Trading strategy: bearish below 1.23302, target 1.23032, 1.22861
Alternative strategy: Bullish above 1.23302, target 1.23481, 1.23679
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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