GBP/USD remained volatile around 1.24894, with the British economy shrinking at the fastest pace in seven months. UK GDP fell by 0.5% after growing by 0.5% in June. The British economy is losing momentum, which may give some Bank of England policymakers pause for thought later this month when they decide whether to raise interest rates again to tame inflation.
Pound Sterling USD GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low level remains volatile in the short term, the market's short sentiment remains, and it may be in a wide range at the bottom in the short term. The MACD indicator is in the short area 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