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GBPUSD: low move down

Fundamental analysis:

Sterling remained volatile around 1.19435 against the U.S. dollar, amid suspicions that the Bank of England will raise interest rates, peaking at around 4.5%, and then cutting them at the end of the year, mainly to stimulate the economy, which is widely believed to be in recession.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short position continues to fluctuate and move down, the short-term decline has not stopped, the market is short, and it is about to fall below the previous low. The MACD index is in the short area and slowly moves down, and the RSI index is in the short area.

Long-short turning point: 1.19545

Suppression: 1.19761, 1.19991
Support: 1.19217, 1.19006

Trading strategy: bearish below 1.19545, target 1.19217, 1.19006
Alternative strategies: Bullish above 1.19545, target 1.19761, 1.19991

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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