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GBPUSD: Bears on the downside

Fundamental analysis:

GBP/USD remains volatile around 1.26719. The market still expects the Bank of England to raise interest rates twice this year, but investors are also increasingly worried that the British economy will stagnate.

Pound Sterling USD GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high short-term momentum fluctuates downwards, the short-term decline continues, the market as a whole is in a bearish trend, the MACD indicator is in the bullish zone, and the RSI indicator is hovering near the 50 equilibrium line;

Resistance levels: 1.26975 1.27132

Support levels: 1.26569 1.26408

Trading strategy: Bearish below 1.26819, target 1.26569 1.26408
Alternative strategy: bullish above 1.26819, target 1.26975 1.27132

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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