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GBPUSD: low move down

2023-05-26
749
Fundamental analysis:

Sterling remained volatile around 1.23205 against the dollar, and as UK data continued to show volatility, the chances of the Bank of England managing to bring about a soft landing for the economy decreased, which could weaken the pound.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum continues to fluctuate and continue to move downward, the short-term decline has not stopped, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and continues to decline, and the RSI indicator is in the bearish area to maintain consolidation;

Resistance levels: 1.23562 1.23811

Support levels: 1.22977 1.22820

Trading strategy: bearish below 1.23348, target 1.22977 1.22820
Alternative strategy: Bullish above 1.23348, target 1.23562 1.23811

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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