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GBPUSD: low move down

2023-08-02
766
Fundamental analysis:

Sterling remained volatile around 1.27758 against the U.S. dollar, and the Bank of England may need to raise interest rates by 50 basis points on Thursday to push the pound higher. Sterling is still recovering from losses following weak inflation data released in mid-July. Any gains could be short-lived if policymakers "downplay the need for further tightening."

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has moved down at a low level, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is hovering in the bearish area, and the RSI indicator is oscillating below the 50 balance line;

Resistance levels: 1.28169 1.28425

Support levels: 1.27478 1.27232

Trading strategy: bearish below 1.27889, target 1.27478 1.27232
Alternative strategy: Bullish above 1.27889, target 1.28169 1.28425

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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