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GBPUSD: low weak shock

Fundamental analysis:

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:

Technical analysis:

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

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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