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GBPUSD: oscillating up
2023-07-26
757
Fundamental analysis:
Sterling remained volatile around 1.28936 against the U.S. dollar, as data showing slowing inflation and weak economic growth prompted traders to reassess interest rate expectations, which have now lowered expectations for peak interest rates for the pound. The follow-up trend of GBP/USD will ultimately depend on the results of the subsequent interest rate meeting between the Bank of England and the Federal Reserve.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and upward, the short-term bullish sentiment is shrouded, the market bulls are constantly pulling up, the MACD indicator is in the bearish area and maintains a volatile upward trend, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 1.29291 1.29563
Support levels: 1.28616 1.28361
Trading strategy: Bullish above 1.28872, target 1.29291 1.29563
Alternative strategy: bearish below 1.28872, target 1.28616 1.28361
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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