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GBPUSD: high rise
2023-07-09
756
Fundamental analysis:
Sterling remained volatile near 1.28384 against the dollar, with investors betting that the Bank of England will raise interest rates by another 50 basis points at its next meeting. UK headline inflation (8.7%) remains well above the Bank of England's 2% target.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bulls have a strong momentum to rise, and there is a trend of continuing to rise in the short term. The market bulls are constantly rising, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone.
Resistance levels: 1.28570 1.28751
Support levels: 1.28137 1.27980
Trading strategy: bullish above 1.28293, target 1.28570 1.28751
Alternative strategy: bearish below 1.28293, target 1.28137 1.27980
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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