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GBPUSD: Bears plunge

2023-05-12
801
Fundamental analysis:

GBP/USD remained volatile around 1.25092. The Bank of England raised interest rates by 25 basis points to 4.5%, in line with market expectations. The interest rate reached the highest level since October 2008. Since December 2021, it has raised interest rates by 440 basis points .

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole is in a bearish downward trend, the MACD indicator is in the bearish zone and continues to move downward, and the RSI indicator is in the bearish zone for consolidation;

Resistance levels: 1.25430 1.25623

Support levels: 1.24863 1.24653

Trading strategy: bearish below 1.25209, target 1.24863 1.24653
Alternative strategy: bullish above 1.25209, target 1.25430 1.25623

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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