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:
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