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GBPUSD: low volatility

Fundamental analysis:
The pound remained volatile near 1.20628 against the U.S. dollar. British Defense Secretary Wallace said that the United Kingdom will provide aid worth 2.3 billion pounds to Ukraine in 2023. The Ministry of Defense said the figure was comparable to the amount of British aid to Ukraine in 2022.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:
Looking at the 4-hour chart: the short-term low position maintains a range adjustment and translation, the market as a whole is in a weak position, and there is no sign of changing the trend of the low range, the MACD indicator is in the short area and the RSI indicator is in a narrow range near the 50 balance line;
Long-short turning point: 1.20760
Suppression: 1.21055, 1.21340
Support: 1.20311, 1.20018
Trading strategy: bearish below 1.20760, target 1.20311, 1.20018
Alternative strategy: Bullish above 1.20760, target 1.21055, 1.21340

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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