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GBPUSD: move down from high
2023-03-26
870
Fundamental analysis:
GBP/USD remained volatile around 1.22268. The monthly seasonally adjusted retail sales rate in the UK recorded 1.2% in February, far exceeding market expectations of 0.2%, indicating that despite rising inflation, consumers' purchasing power remains strong. It was the second month in a row that sales topped expectations, after rising 0.5 percent in January as post-Christmas discounts lured shoppers to spend.
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 may continue, the market’s short-term sentiment begins to emerge slowly, the MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 1.22688 1.22941
Support levels: 1.22002 1.21718
Trading strategy: bearish below 1.22424, target 1.22002 1.21718
Alternative strategy: Bullish above 1.22424, target 1.22688 1.22941
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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