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GBPUSD: low bit shift down

2023-09-10

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GBPUSD

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

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GBPUSD: low bit shift down

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