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GBPUSD: Bears on the downside

Fundamental analysis:

Sterling remained volatile near 1.24664 against the U.S. dollar, with recent economic data causing the Federal Reserve to postpone Wednesday's widely expected interest rate hike, and the pound may rise further to near 1.27 against the U.S. dollar.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum continues to move down, the short-term decline may continue, the market as a whole is in a bearish mood, the MACD indicator maintains shocks and moves down to hover around the 0 axis, and the RSI indicator is in a weak position below the 50 balance line;

Resistance levels: 1.24921 1.25072

Support levels: 1.24507 1.24360

Trading strategy: bearish below 1.24761, target 1.24507 1.24360
Alternative strategy: bullish above 1.24761, target 1.24921 1.25072

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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