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GBPUSD: high upside
2023-03-28
842
Fundamental analysis:
The pound remained volatile near 1.22867 against the dollar. After the Bank of England raised interest rates for the 11th consecutive time last week, Barclays raised its forecast for the final value of the Bank of England's benchmark policy rate by 25 basis points to 4.5%. By the middle of next year, the Bank of England's Monetary Policy Committee should adjust to the risk of inflation falling well below target, so policy rates are expected to become more accommodative.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bulls are moving slowly upward in a narrow range, and the short-term bulls have signs of continuing to break through the previous high-level nodes. The MACD indicator is sorting on the upper side of the 0 axis, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 1.23133 1.23376
Support levels: 1.22495 1.22201
Trading strategy: Bullish above 1.22867, target 1.23133 1.23376
Alternative strategy: bearish below 1.22867, target 1.22495 1.22201
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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