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GBPUSD: High lift

Fundamental analysis:

The pound remained volatile against the dollar at 1.20586. The UK is entering a long but shallow recession, and consumers are facing a continuous cost of living crisis. However, the Bank of England is expected to raise interest rates by 50 basis points to 3.50% on December 15, compared with 3.75% previously.

GBPUSD GBPUSD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the bulls' driving force has risen at a high level, short-term bullish sentiment has been shrouded, and the market bulls have kept rising. The MACD index has kept moving up on the upper side of the 0 axis, and the RSI index has been at a high level in the bulls' region;

Empty turning point: 1.20338

Pressing: 1.21049, 1.21505

Support: 1.19881, 1.19381

Trading strategy: 1.20338 upside bullish, target 1.21049, 1.21505

Alternative strategy: 1.20338 bearish, target 1.19881, 1.19381

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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