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GBPUSD: high retracement
2022-11-29
1151
Fundamental analysis:
GBP/USD remains volatile at 1.19510, Sunak-Hunt cooperation stabilizes, sterling falls attract investors to buy UK assets, call for GBP/USD to fall below parity fades from headlines; market sees more of commentators issued more optimistic forecasts.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level is slowly finishing down and then falling sharply. The market’s short-term sentiment is waiting for an opportunity to enter the market and go down. The short-term decline may continue.
Long-short turning point: 1.19720
Suppression: 1.20232, 1.20776
Support: 1.19006, 1.18478
Trading strategy: bearish below 1.19720, target 1.19006, 1.18478
Alternative strategy: Bullish above 1.19720, target 1.20232, 1.20776
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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