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GBPUSD: Bears plunge

Fundamental analysis:

Sterling remained volatile around 1.18289 against the U.S. dollar. The market is not out of the woods yet due to a weak economy, high inflation, a crisis in living costs and the possibility of further interest rate hikes by the Bank of England this year.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term decline is rapid, the short-term decline has not stopped, the market's short-term sentiment continues to decline, the MACD indicator is in the short-term area and continues to move down, and the RSI indicator is in the short-term area and continues to decline;

Resistance levels: 1.18575 1.18787

Support levels: 1.18120 1.17949

Trading strategy: bearish below 1.18370, target 1.18575 1.18787
Alternative strategy: bullish above 1.18370, target 1.18120 1.17949

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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