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GBPUSD: low rise
2023-03-10
1012
Fundamental analysis:
Sterling remained volatile around 1.19189 against the dollar, and the pound is more sensitive to risk, making it more vulnerable to Fed hawks than the euro. Money markets are now fully pricing in a 25 basis point rate hike from the Bank of England later this month, under the influence of Fed Chairman Jerome Powell's hawkish comments on continuing to raise interest rates.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: low bulls fluctuate and rise, the short-term bullish sentiment remains, the market bulls continue to fluctuate and pull up, the MACD indicator is in the short area and moves upward, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 1.19400 1.19597
Support levels: 1.18879 1.18655
Trading strategy: Bullish above 1.19082, target 1.19400 1.19597
Alternative strategy: bearish below 1.19082, target 1.18879 1.18655
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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