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GBPUSD: move down from high

2023-01-17
535
Fundamental analysis:

GBP/USD remained volatile around 1.21953 as better-than-expected economic data from Germany and the UK suggested that the two countries may be able to avoid recession - at least for now - but the news failed to provide a lasting boost to the euro or sterling .

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term dynamics fluctuated downward, and the market’s short-term sentiment began to emerge. The short-term short-term dynamics showed signs of continuing to move downward. The MACD indicator was in the bullish area, and the RSI indicator was hovering around the 50 balance line;

Long-short turning point: 1.22061

Suppression: 1.22289, 1.22557
Support: 1.21671, 1.21444

Trading strategy: bearish below 1.22061, target 1.21671, 1.21444
Alternative strategy: Bullish above 1.22061, target 1.22289, 1.22557

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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