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GBPUSD: move down from high

2023-05-10
777
Fundamental analysis:

GBP/USD remained volatile around 1.26195, as the Bank of England said it would continue to work hard to control double-digit inflation. Recently, UK mortgage rates have started to rise again. Mortgage rates could climb further as bets firm on the Bank of England continuing to raise interest rates to as high as 5%.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

The 4-hour chart: the high-level short-term dynamics fluctuate downward, and the short-term decline may continue. The market’s short-term sentiment gradually emerges, and there is a trend of continuing to move downward. The MACD indicator is in the bullish area and moves downward. The RSI indicator is at the 50 balance line. ;

Resistance levels: 1.26530 1.26741

Support levels: 1.25995 1.25806

Trading strategy: bearish below 1.26308, target 1.25995 1.25806
Alternative strategy: Bullish above 1.26308, target 1.26530 1.26741

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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