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GBPUSD: high retracement
2023-05-09
794
Fundamental analysis:
GBP/USD remained volatile around 1.26177, with the market expecting the Bank of England to raise interest rates to 4.5% on May 11, in line with recent hikes by 25 basis points by the Fed and the European Central Bank, as it tries to combat inflation, which ranks first among all major developed countries. The crown of the country.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the bullish momentum maintained a volatile upward trend, the high level encountered resistance and retreated, and the short-term sentiment gradually emerged. In the short term, there will be a trend of continuing to fluctuate and move downward.
Resistance levels: 1.26530 1.26741
Support levels: 1.25995 1.25806
Trading strategy: bearish below 1.35308, target 1.25995 1.25806
Alternative strategy: bullish above 1.35308, target 1.26530 1.26741
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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