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GBPUSD: Bulls climb higher
2023-08-31
523
Fundamental analysis:
GBP/USD remains volatile around 1.27206, and the market is also waiting for the Bank of England chief economist Peel's speech later this week. Some analysts predict that Peel is likely to choose to echo the view that interest rates will remain high for a longer period of time. Traders are now betting on a more than 90% chance the BoE will raise rates by 25 basis points at its next meeting on Sept. 21.
Pound Sterling USD GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The bullish momentum is rising strongly, and there is a tendency to continue to move upward in the short term. The MACD indicator maintains shock and moves upward to the 0 axis, and the RSI indicator is consolidating above the 50 equilibrium line;
Resistance level: 1.27372 1.27548
Support level: 1.26956 1.26785
Trading strategy: Bullish above 1.27122, target 1.27372 1.27548
Alternative strategy: bearish below 1.27122, target 1.26956 1.26785
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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