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GBPUSD: high volatility
2023-02-22
951
Fundamental analysis:
GBP/USD remained oscillating around 1.21065. The UK's February PMI data was much better than expected, indicating that the economy has shown encouraging resilience in the face of headwinds such as rising interest rates, the ongoing cost of living crisis, labor shortages and strikes.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls is rising rapidly, the market is bullish, and the short-term entanglement is high and narrow, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the 50 balance line.
Long-short turning point: 1.20922
Suppression: 1.21332, 1.21590
Support: 1.20578, 1.20428
Trading strategy: Bullish above 1.20922, target 1.21332, 1.21590
Alternative strategy: bearish below 1.20922, target 1.20578, 1.20428
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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