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GBPUSD: high order

Fundamental analysis:

GBP/USD remained volatile around 1.21556, with the apparent weakening of economic growth momentum likely fueling speculation that interest rates are about to peak. Traders slashed terminal rate bets following the collapse of Silicon Valley Bank.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

4-hour chart: High short-term narrow-range consolidation, the market is bullish, and there are signs of continued upward movement in the short term. The MACD indicator is hovering at a high level in the bullish area, and the RSI indicator is on the side of the 50 balance line;

Resistance levels: 1.21843 1.22099

Support levels: 1.21202 1.20958

Trading strategy: Bullish above 1.21421, target 1.21843 1.22099
Alternative strategy: bearish below 1.21421, target 1.21202 1.20958

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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