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GBPUSD: low bit shift down

Fundamental analysis:

GBP/USD remains volatile around 1.24506, and inflation expectations of British companies have dropped significantly. The Bank of England's monthly Policymakers Panel (DMP) survey found that UK finance chiefs' expectations for CPI inflation over the coming year fell to 4.8% in August from 5.4% in July.

Pound Sterling USD GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

4-hour chart: The market's bearish sentiment continues, the short-term decline has not stopped, the overall market is bearish, the MACD indicator is in the short zone, and the RSI indicator is moving downwards in the short zone;

Resistance level: 1.24854 1.25072

Support level: 1.24306 1.24163

Trading strategy: Bearish below 1.24626, target 1.24306 1.24163
Alternative strategy: bullish above 1.24626, target 1.24854 1.25072

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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