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GBPUSD: high retracement
2023-03-16
867
Fundamental analysis:
GBP/USD remained volatile around 1.20557, with a 25% chance that the Fed will keep interest rates unchanged at its next meeting. The pressure on the Bank of England to raise interest rates may be eased, which will be of great help to solve the debt of the British government. In terms of interest rate differentials, the pound will not be stretched too far by other currencies.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has plummeted, the market is shrouded in short-term sentiment, the short-term decline may continue, the MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 1.20911 1.21194
Support levels: 1.20252 1.19985
Trading strategy: bearish below 1.20668, target 1.20252 1.19985
Alternative strategy: bullish above 1.20668, target 1.20911 1.21194
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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