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GBPUSD: high retracement
2022-12-06
1160
Fundamental analysis:
GBP/USD remained volatile around 1.21868, with the Confederation of British Industry (CBI) predicting that the UK unemployment rate will rise from the current 3.6% to peak at 5.0% by the end of 2023 and early 2024. Inflation will slowly decline, averaging 6.7% next year and 2.9% in 2024.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: High short momentum continues to fluctuate and retreat, the short-term decline may continue, the market bearish sentiment begins to wait for an opportunity to enter the market, the MACD indicator is in the bullish zone, the high volatility retreats, and the RSI indicator is in the bullish zone. Maintain and move down to near the 0 axis wandering;
Long-short turning point: 1.22040
Suppression: 1.22496, 1.22874
Support: 1.21484, 1.21095
Trading strategy: bearish below 1.22040, target 1.21484, 1.21095
Alternative strategy: Bullish above 1.22040, target 1.22496, 1.22874
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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