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GBPUSD: low rise
2023-05-18
870
Fundamental analysis:
The pound remained volatile around 1.24861 against the dollar. If the pound is to be favored by investors, its economic prospects and performance must look better. In addition, the market originally expected the Federal Reserve to cut interest rates this year, but the data just didn’t cooperate. In addition, there is still a little demand for hedging. The dollar’s recent tenacious maintenance of stability has also directly suppressed the pound.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the low-level bulls has picked up strongly, and the bullish sentiment in the market is gradually emerging. The short-term bulls are constantly moving upwards. The MACD indicator is in the short-term area for consolidation and translation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.25032 1.25176
Support levels: 1.24648 1.24499
Trading strategy: Bullish above 1.24813, target 1.25032 1.25176
Alternative strategy: bearish below 1.24813, target 1.24648 1.24499
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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