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GBPUSD: move down from high

2023-02-23
930
Fundamental analysis:

GBP/USD remained volatile around 1.20425, with UK interest rate futures pricing in a 96% probability that the Bank of England will raise interest rates by 25 basis points in March.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;

Long-short turning point: 1.20525

Suppression: 1.20748, 1.20991
Support: 1.20212, 1.20003

Trading strategy: bearish below 1.20525, target 1.20212, 1.20003
Alternative strategy: Bullish above 1.20525, target 1.20748, 1.20991

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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