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GBPUSD: Bulls gain ground

2023-03-05
878
Fundamental analysis:

GBP/USD remained volatile around 1.20440, with the European Central Bank sounding more decisive in raising interest rates than the Bank of England, making the pound more vulnerable to the euro.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is pulling up strongly, the market is bullish, and there is a trend of continuing to move upward in the short term. The MACD indicator is in the short area and moves upward, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 1.20628 1.20796

Support levels: 1.20174 1.19990

Trading strategy: Bullish above 1.20347, target 1.20628 1.20796
Alternative strategy: bearish below 1.20347, target 1.20174 1.19990

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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