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GBPUSD: high volatility

2023-01-16
556
Fundamental analysis:
Sterling remained volatile around 1.22278 against the dollar, with the UK economy unexpectedly growing in November, suggesting the UK may have weathered the cost of living crisis better than thought. UK GDP rose 0.1% from October. Growth in services was linked to consumer business boosted by the World Cup.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: high short-term shocks move upward, market bullishness begins to emerge slowly, short-term bullish momentum gradually emerges, MACD indicator is in the bullish zone, and RSI indicator is hovering in the bullish zone;
Long-short turning point: 1.22132

Suppression: 1.22553, 1.22805
Support: 1.21857, 1.21599

Trading strategy: Bullish above 1.22132, target 1.22553, 1.22805
Alternative strategy: bearish below 1.22132, target 1.21857, 1.21599

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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