CM Trade

Download APP to receive bonus


GBPUSD: Low shock

Fundamental analysis:

The pound against the dollar remained volatile around 1.24918, while the UK unemployment rate increased for the third consecutive month to 4.3%, and job vacancies continued to decline. However, this is unlikely to prevent the Bank of England from raising interest rates for a 15th consecutive time later this month as it struggles to control above-target inflation.

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

Brief technical analysis:
Looking at the 4-hour chart: short-term fluctuations at low levels, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish zone and is maintaining consolidation, and the RSI indicator is hovering weakly below the 50 equilibrium line;

Resistance level: 1.25176 1.25373

Support level: 1.24712 1.24532

Trading strategy: Bearish below 1.24974, target 1.24712 1.24532
Alternative strategy: bullish above 1.24974, target 1.25176 1.25373

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