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GBPUSD: low weak shock down

Fundamental analysis:

Sterling remained volatile around 1.16810 against the US dollar. Goldman Sachs recently lowered its UK economic forecast, adding to the pessimism surrounding sterling. It is also expected that the recession will start later this year, as the soaring inflation will affect the disposable income of households and thus hit consumption. It is expected that the British economy will begin to decline in the fourth quarter of 2022 and shrink by 0.6% in 2023.

GBPUSD GBPUSD - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the short power maintains a step-by-step shock downward trend, the market continues to decline well, the MACD index maintains consolidation and translation in the short area, and the RSI index maintains consolidation in the short area below the 50 equilibrium line;

Long and short turning point: 1.16810

Pressing position: 1.17262, 1.17728

Support position: 1.16181, 1.15833

Trading strategy: bearish below 1.16810, targets 1.16181 and 1.15833

Alternative strategy: bullish above 1.16810, targets 1.17262 and 1.17728

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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