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GBPUSD: Bears plunge

2023-05-14
859
Fundamental analysis:

GBP/USD remained volatile around 1.24551. The UK’s GDP annual rate in the first quarter was revised to 0.2%, expected 0.20%, and the previous value was 0.60%, the largest increase since July 2022; expected 0.1%, the previous value was 0.1%.

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 has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuing to move downward.

Resistance levels: 1.24738 1.24943

Support levels: 1.24296 1.24137

Trading strategy: bearish below 1.24551, target 1.24296 1.24137
Alternative strategy: Bullish above 1.24551, target 1.24738 1.24943

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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