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GBPUSD: Bears on the downside
2023-03-03
966
Fundamental analysis:
GBP/USD remained volatile around 1.19497. Bank of England Governor Bailey said that an interest rate hike in March is not a certainty, suggesting that the current round of interest rate hike cycle may have come to an end. For the pound, doubts over a rate hike by the Bank of England dominated.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate downward, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the bearish area and the RSI indicator is in the bearish area and the trend is weak;
Long-short turning point: 1.19607
Suppression: 1.19857, 1.20073
Support: 1.19287, 1.19078
Trading strategy: bearish below 1.19607, target 1.19287, 1.19078
Alternative strategies: Bullish above 1.19607, target 1.19857, 1.20073
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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