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GBPUSD: high rise
2023-05-07
897
Fundamental analysis:
GBP/USD remained volatile around 1.26413. The Bank of England will announce its policy decision a week later. The market generally expects it to raise interest rates by 0.25 percentage points. The bet that the Bank of England will continue to raise interest rates has given the pound a large degree of support.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising at a high level, the market is still bullish, and there is no sign of stopping in the short term. The MACD indicator is in the bullish zone and is moving upwards, and the RSI indicator is in the bullish zone.
Resistance levels: 1.26612 1.26804
Support levels: 1.26156 1.25995
Trading strategy: Bullish above 1.36308, target 1.26612 1.26804
Alternative strategy: bearish below 1.36308, target 1.26156 1.25995
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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