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GBPUSD: high retracement

Fundamental analysis:

GBP/USD remained oscillating around 1.20318. UK GDP growth in January indicated that the UK economy was in better shape than expected a few months ago, but beneath the surface, the foundations of the UK economy appeared to be weaker.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term bullish mood is good, the market retreats after a strong climb, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and fluctuates at a high level;

Resistance levels: 1.20540 1.20733

Support levels: 1.20013 1.19787

Trading strategy: Bullish above 1.20227, target 1.20540 1.20733
Alternative strategy: bearish below 1.20227, target 1.20013 1.19787

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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