CM Trade

Download APP to receive bonus

GET

GBPUSD: Low shock

2023-09-06
638
Fundamental analysis:

GBP/USD remained volatile around 1.25651, as both the UK and the US grappled with inflation concerns. Traders appear to be increasingly favoring the U.S. dollar, suggesting the market is at a critical juncture that requires a quick solution.

Pound Sterling USD GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: The market is shrouded in bearish sentiment, with a short-term step-like shock moving downwards. The overall market decline shows no signs of finality. The MACD indicator is in the short zone and is moving downwards. The RSI indicator is oscillating below the 50 equilibrium line;

Resistance level: 1.25943 1.26133

Support level: 1.25458 1.25274

Trading strategy: Bearish below 1.25748, target 1.25458 1.25274
Alternative strategy: bullish above 1.25748, target 1.25943 1.26133

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More