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GBPUSD: low volatility
2023-05-23
823
Fundamental analysis:
GBP/USD remained volatile around 1.24363, supported by the U.K.'s better-than-expected economic performance, cooling U.S. inflation and expectations that the U.S. rate hike process will stall in June. If the UK inflation data this week is still strong, it will increase the probability of the Bank of England raising interest rates in June, which is expected to stimulate the recovery of the pound.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term decline is wide and volatile, the market is still bearish, and there are signs of continued turbulence and downward movement in the short-term. The MACD indicator is in the short-term area and maintains consolidation, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.24645 1.24822
Support levels: 1.24201 1.24030
Trading strategy: bearish below 1.24440, target 1.24201 1.24030
Alternative strategy: Bullish above 1.24440, target 1.24645 1.24822
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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