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GBPUSD: low position narrow width finishing translation

Fundamental analysis:

Sterling fluctuated around 1.18264 against the US dollar. Sterling has been hit by worries about soaring inflation and economic downturn in the UK. These data increase the signs that the UK economy will decline.

GBPUSD GBPUSD - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the low-level short-term narrow range consolidation continues to shift, the market hovers at the low level in the short term or maintains the low level, the MACD indicator is in the short area, the low level maintains the shock and moves upward, and the RSI indicator is in the weak consolidation near the 50 equilibrium line;

Long and short turning point: 1.18109

Pressing position: 1.18544, 1.18958

Support position: 1.17760, 1.17434

Trading strategy: bullish above 1.18109, target 1.18544, 1.18958

Alternative strategy: bearish below 1.18109, target 1.17760, 1.17434

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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