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