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GBPUSD: high volatility

Fundamental analysis:
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

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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