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GBPUSD: high move up

Fundamental analysis:

GBP/USD remained volatile around 1.21959 as the UK embarked on an aggressive fiscal stimulus policy, citing a forecast from the UK's Office for Budget Responsibility that the UK will emerge from recession this year. This may boost sentiment for the pound.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the sentiment of bulls in the market fluctuates at a high level, the short-term bullish trend remains, and the bulls continue to rise. The MACD indicator is on the upper side of the 0 axis, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 1.22175 1.22387

Support levels: 1.21642 1.21454

Trading strategy: bullish above 1.21846, target 1.22175 1.22387
Alternative strategy: bearish below 1.21846, target 1.21642 1.21454

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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