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GBPUSD: high volatility

2023-08-22
668
Fundamental analysis:

Sterling remained volatile around 1.27565 against the US dollar. The British real estate market has been booming during the new crown epidemic, but as the Bank of England has continued to raise interest rates to combat high inflation, the market has seen weakness, although the two-year mortgage rate has recently changed from 15 years in July. The high point fell back.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: high short-term volatility, the market is still bullish, there are signs of continued upward movement in the short term, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;

Resistance levels: 1.27701 1.27858

Support levels: 1.27348 1.27195

Trading strategy: Bullish above 1.27497, target 1.27701 1.27858
Alternative strategy: bearish below 1.27497, target 1.27348 1.27195

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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