GBP/USD remained oscillating around 1.21792, and the pound was indirectly boosted. However, it cannot be ignored that there are many problems in the UK itself. While sterling remains not far from six-month highs hit in mid-December, the outlook for the currency remains uncertain as recession fears, high inflation and a cost-of-living crisis weigh on the UK economy.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum has risen strongly, and the high level has been fluctuating in the short term. The bullish sentiment in the market has begun to weaken.
Long-short turning point: 1.21676
Suppression: 1.22041, 1.22296
Support: 1.21421, 1.21151
Trading strategy: Bullish above 1.21676, target 1.22041, 1.22296
Alternative strategy: bearish below 1.21676, target 1.21421, 1.21151