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GBPUSD: low move up
2023-01-05
1044
Fundamental analysis:
GBP/USD remained volatile around 1.20563, with the Fed likely to cut interest rates and the Bank of England becoming more cautious. The 200 basis point Fed easing cycle starting in summer 2023 may be slightly scaled back. GBP/USD could drop to 1.1650 if US data, especially inflation and wages, beat expectations.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains a narrow range of fluctuations and moves upward slowly, the bullish sentiment in the market begins to slowly enter the market, the MACD indicator is in the short area and moves up to the 0 axis and hovers weakly, and the RSI indicator hovers weakly above the 50 balance line;
Long-short turning point: 1.20424
Suppression: 1.20904, 1.21196
Support: 1.20101, 1.19778
Trading strategy: Bullish above 1.20424, target 1.20904, 1.21196
Alternative strategy: bearish below 1.20424, target 1.20101, 1.19778
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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