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GBPUSD: low down
2023-01-06
1009
Fundamental analysis:
Sterling remained volatile around 1.18979 against the US dollar, and the gloomy outlook for the UK economy still prevailed in the market. British companies are pessimistic about the outlook for 2023, as they face the possibility of a surge in energy costs and continued trade difficulties after Brexit . GBP/USD has no better positive factors to support its upward trend for the time being.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum fluctuates and falls at a low level, the short-term decline may continue, the market bearish sentiment emerges, the MACD indicator is in the bearish area and slowly descending, and the RSI indicator is in the short-term area below the 50 balance line;
Long-short turning point: 1.19154
Suppression: 1.19440, 1.19780
Support: 1.18647, 1.18420
Trading strategy: bearish below 1.19154, target 1.18647, 1.18420
Alternative strategies: bullish above 1.19154, target 1.19440, 1.19780
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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