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GBPUSD: high volatility
2023-01-19
1009
Fundamental analysis:
GBP/USD remained volatile around 1.23421. British Chancellor of the Exchequer Hunt commented on inflation data: We need to stick to our plan to reduce inflation. Any drop in inflation is welcome, and we have a plan going forward. It is critical that we make the necessary hard decisions and put our plans into action.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term momentum moves up, and the short-term resistance is retraced. The market is still bullish, and there are still signs of climbing in the short-term. The MACD indicator is hovering in the long-term zone, and the RSI indicator is in the long-term zone.
Long-short turning point: 1.23262
Suppression: 1.23728, 1.24035
Support: 1.22849, 1.22517
Trading strategy: Bullish above 1.23262, target 1.23728, 1.24035
Alternative strategy: bearish below 1.23262, target 1.22849, 1.22517
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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