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GBPUSD: high volatility
2023-06-23
748
Fundamental analysis:
GBP/USD remained oscillating around 1.27469. The central bank's interest rate decision until June 22 was 5%, expected to be 4.75%, and the previous value was 4.50%. The Bank of England unexpectedly raised interest rates by 50 basis points, the 13th consecutive rate hike since November 2021, raising interest rates to 5.00%, the highest level since September 2008.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: high short-term fluctuations within a narrow range, market short-term sentiment emerges, and there is a trend of continuing to move downward in the short term. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;
Resistance levels: 1.27896 1.28196
Support levels: 1.27156 1.26847
Trading strategy: bearish below 1.27615, target 1.27156 1.26847
Alternative strategy: Bullish above 1.27615, target 1.27896 1.28196
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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