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GBPUSD: Bears plunge

2023-09-03
613
Fundamental analysis:

GBP/USD remained volatile around 1.25923. The Office for National Statistics significantly raised its estimate of the size of the UK economy in 2021, indicating that the UK's recovery from the epidemic may be closer to that of other major countries than previously thought.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the intensity of short positions has dropped rapidly, and the short-term decline may continue. The overall short sentiment in the market is strongly downward. The MACD indicator maintains shock and moves down to hover below the 0 axis, and the RSI indicator is weakly consolidated below the 50 equilibrium line;

Resistance levels: 1.26163 1.26315

Support levels: 1.25767 1.25605

Trading strategy: bearish below 1.26002, target 1.25767 1.25605
Alternative strategy: Bullish above 1.26002, target 1.26163 1.26315

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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