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GBPUSD: low pull up

2023-02-20
1015
Fundamental analysis:

Sterling remained volatile around 1.20455 against the dollar, and the Bank of England has signaled that it may stop raising interest rates in March, and inflation data has reinforced this view. In this way, the pound is placed on the unfavorable side only in terms of the influencing factor of interest rate spread.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short position continues to decline, the low position is pulled up in the short term, the bullish momentum in the market continues to rise, the MACD indicator is in the short area and moves up, and the RSI index is in the short area and fluctuates upward to hover around the 50 balance line;

Long-short turning point: 1.20287

Suppression: 1.20735, 1.21040
Support: 1.19963, 1.19645

Trading strategy: Bullish above 1.20287, target 1.20735, 1.21040
Alternative strategy: bearish below 1.20287, target 1.19963, 1.19645

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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