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GBPUSD: high rise

2023-05-04
861
Fundamental analysis:

Sterling remained volatile around 1.25635 against the dollar, with the resilience of the UK economy surprising many forecasters but threatening to keep inflation higher than would otherwise be the case for a long time to come. The Bank of England may now raise interest rates to 5% as a result.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level long-term momentum fluctuates and rises, and the short-term bullish sentiment is shrouded. The market’s long-term momentum is constantly rising. The MACD indicator is in the bullish area and moves upward, and the RSI indicator is in the upper side of the 50 balance line;

Resistance levels: 1.25814 1.25970

Support levels: 1.25388 1.25241

Trading strategy: Bullish above 1.25548, target 1.25814 1.25970
Alternative strategy: bearish below 1.25548, target 1.25388 1.25241

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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