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GBPUSD: Bears plunge
2023-03-01
918
Fundamental analysis:
GBP/USD remained volatile around 1.20292 as British Prime Minister Rishi Sunak signed a new trade deal with the European Union aimed at making up for problems caused by the Northern Ireland Protocol. Shortly after the announcement, Sunak described the new deal, known as the Windsor Framework, as the "beginning of a new chapter" in relations between Britain and the EU.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum has fallen sharply in the short term, and the market’s short-term sentiment has emerged. The short-term decline may continue. The MACD indicator is on the upper side of the 0 axis, and the RSI indicator is hovering around the 50 balance line;
Long-short turning point: 1.20388
Suppression: 1.20625, 1.20842
Support: 1.20068, 1.19852
Trading strategy: bearish below 1.20388, target 1.20068, 1.19852
Alternative strategy: Bullish above 1.20388, target 1.20625, 1.20842
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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