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GBPUSD: low order

2023-08-29
730
Fundamental analysis:

GBP/USD remained volatile around 1.26010, with the pound recovering after hitting a fresh 14-week low, but the overall bias remains bearish as the UK economy could face a recession due to the Bank of England's aggressive interest rate tightening cycle.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term lows are maintained, the market’s bullish sentiment is slowly emerging, the MACD indicator is in the bearish area and the RSI indicator is hovering weakly below the 50 balance line;

Resistance levels: 1.26180 1.26326

Support levels: 1.25782 1.25615

Trading strategy: bullish above 1.25949, target 1.26180 1.26326
Alternative strategy: bearish below 1.25949, target 1.25782 1.25615

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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