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GBPUSD: Bulls climb higher
2023-02-28
917
Fundamental analysis:
Sterling remained volatile around 1.20571 against the U.S. dollar, which could be volatile as Brexit draws to a close. British Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen will announce a new Brexit deal on Northern Ireland if they hammer out final details at a lunch meeting in the UK.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is strong, the short-term bullish sentiment remains, the market as a whole is in the process of bulls moving upwards, the MACD indicator is in the bearish area and continues to move upwards, and the RSI indicator is on the upper side of the 50 balance line;
Long-short turning point: 1.20444
Suppression: 1.20841, 1.21092
Support: 1.20221, 1.20011
Trading strategy: Bullish above 1.20444, target 1.20841, 1.21092
Alternative strategy: bearish below 1.20444, target 1.20221, 1.20011
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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