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GBPUSD: finishing after the huge earthquake

2023-05-11
905
Fundamental analysis:

GBP/USD remained volatile around 1.26244, with two or more members of the U.K. Monetary Policy Committee (MPC) voting for a 50 basis point rate hike on Thursday, and the pound could strengthen. Mann, Haskell and Ramsden are the three most hawkish members of the MPC. Dovish members of the MPC, Dunreyro and Dingella, are expected to vote to keep rates unchanged.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: After the short-term long-short dynamics fluctuated violently, the short-term sentiment in the market gradually emerged. The MACD index was in the long-term area and slowly descended, and the RSI index was hovering weakly on the side of the 50 balance line;

Resistance levels: 1.26530 1.26741

Support levels: 1.29995 1.25806

Trading strategy: bearish below 1.26308, target 1.29995 1.25806
Alternative strategy: Bullish above 1.26308, target 1.26530 1.26741

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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