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GBPUSD: low down

2023-05-24

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GBPUSD

Fundamental analysis:

Sterling remained volatile around 1.24115 against the U.S. dollar. Investors are waiting for the upcoming British consumer price index (CPI) data, which should provide direction for the Bank of England's future measures to fight inflation. The probability of continuing to raise interest rates will stimulate the pound to rise accordingly.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term maintains shocks and moves downward, and the short-term momentum continues to move downward. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;

Resistance levels: 1.24453 1.24645

Support levels: 1.23946 1.23734

Trading strategy: bearish below 1.24223, target 1.23946 1.23734

Alternative strategy: Bullish above 1.24223, target 1.24453 1.24645

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GBPUSD: low down

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