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GBPUSD: high volatility
2023-03-24
855
Fundamental analysis:
GBP/USD remained oscillating around 1.22859. The central bank interest rate decision in the UK until March 23 was 4.25%, expected 4.25%, and the previous value was 4.00%. The Bank of England raised interest rates by 25 basis points as scheduled, raising the interest rate to 4.25%, in line with market expectations. The interest rate reached the highest level since October 2008. Since December 2021, it has raised interest rates by 415 basis points.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level fluctuates and rises in the short-term, the market is shrouded in bullish sentiment, and the high level shows signs of continuing to move upward in the short term. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 1.23194 1.23521
Support levels: 1.22403 1.22097
Trading strategy: Bullish above 1.22709, target 1.23194 1.23521
Alternative strategy: bearish below 1.22709, target 1.22403 1.22097
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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