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GBPUSD: low move down

Fundamental analysis:

GBP/USD remained volatile around 1.23642. Although the CPI in the UK fell back in April, it was higher than expected, which supported the expectation that the Bank of England would raise interest rates by 25 basis points in June. The pound is expected to be supported as a result, and investors need to keep an eye on it.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the low level maintains shocks and continues to move downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and the RSI index is in the bearish area to maintain shocks;

Resistance levels: 1.23952 1.24156

Support levels: 1.23496 1.23311

Trading strategy: bearish below 1.23737, target 1.23496 1.23311
Alternative strategy: bullish above 1.23737, target 1.23952 1.24156

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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