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GBPUSD: high retracement

Fundamental analysis:

GBP/USD remained oscillating around 1.23328. The British Office for National Statistics: Borrowing data in December last year was the highest since records began in 1993. The increase in borrowing in December reflected the Office for Budget Responsibility (OBR) expectations for student loans. Public sector borrowing from April to December 2022/2023 was £128.1 billion, an increase of £5.1 billion compared to the same period last year.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum is moving downward in a stepwise manner, short-term bearish sentiment is shrouded, the market's short-term momentum begins to ferment, the MACD indicator is in the bullish area and slowly moves down to near the 0 axis for consolidation, and the RSI indicator is weak below the 50 balance line wandering;

Long-short turning point: 1.23465

Suppression: 1.23821, 1.23176
Support: 1.23042, 1.22722

Trading strategy: bearish below 1.23465, target 1.23042, 1.22722
Alternative strategy: Bullish above 1.23465, target 1.23821, 1.23176

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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