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GBPUSD: Bulls move higher

Fundamental analysis:

GBP/USD remains volatile around 1.25076, and the interest rate differential advantage that GBP previously enjoyed seems to have gradually dissipated. The focus of the market seems to be more on the economic development of various countries in the current high interest rate and cost environment. Therefore, the recent strength of the US dollar has also forced the pound to retreat and show a continued downward trend.

Pound Sterling USD GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

4-hour chart: The bullish momentum continues to fluctuate upwards, short-term bullish sentiment is shrouded, the market's bullish sentiment gradually emerges, the MACD indicator is in the short zone and is moving upward, and the RSI indicator is hovering weakly near the 50 equilibrium line;

Resistance level: 1.25282 1.25496

Support level: 1.24766 1.24567

Trading strategy: Bullish above 1.24974, target 1.25282 1.25496
Alternative strategy: bearish below 1.24974, target 1.24766 1.24567

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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