Sterling kept fluctuating around 1.18109 against the US dollar. Due to Britain's concern about economic recession, sterling has a further downward trend. Sterling is no longer positively related to interest rates, because after the Bank of England raised the policy interest rate to 1.75% at the beginning of this month, worries about economic recession outweighed the possibility of further tightening monetary policy.
GBPUSD GBPUSD - 4-hour K-line chart shows:
According to the 4-hour chart, the market as a whole is in a weak position, with low and narrow range consolidation and translation, and there is a trend of continuous downward movement in the short term. The MACD index is in the short area and maintains consolidation and translation, and the RSI index is in the weak position below the 50 equilibrium line;
Long and short turning point: 1.18109
Pressing position: 1.18544, 1.18958
Support position: 1.17499, 1.17162
Trading strategy: bearish below 1.18109, target 1.17499, 1.17162
Alternative strategy: bullish above 1.18109, target 1.18544, 1.18958