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GBPUSD: high retracement
2023-01-24
1036
Fundamental analysis:
GBP/USD remained volatile around 1.23706, with fiscal policy leaving little room for expansionary measures due to tight budgets. As long as the BoE maintains a hesitant stance, monetary policy will remain a negative for GBP. The Bank of England is expected to cut key interest rates in 2024, so sterling's weakness is likely to persist.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: high short-term consolidation and retracement, market short-term momentum began to enter the market, short-term or entangled high-level consolidation, MACD indicator is in the long zone and slowly moving down, RSI indicator is hovering weakly above the 50 balance line;
Long-short turning point: 1.23823
Suppression: 1.23176, 1.24544
Support: 1.23366, 1.23042
Trading strategy: bearish below 1.23823, target 1.23366, 1.23042
Alternative strategies: Bullish above 1.23823, target 1.23176, 1.24544
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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