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GBPUSD: high move up
2023-01-20
1034
Fundamental analysis:
GBP/USD remained volatile around 1.23874, with the market seeing an 82% chance of a 50 basis point rate hike at the next meeting to be held on February 2. Stimulated by this expectation, the GBP/USD bulls have been eager to try in the near future.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum moved up again, and the market’s bullish sentiment emerged. In the short term, there is still a further upward trend. The MACD indicator is in the bullish zone, and the RSI indicator is hovering in the bullish zone;
Long-short turning point: 1.23675
Suppression: 1.24205, 1.24544
Support: 1.23294, 1.22849
Trading strategy: Bullish above 1.23675, target 1.24205, 1.24544
Alternative strategy: bearish below 1.23675, target 1.23294, 1.22849
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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