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GBPUSD: Precipitous decline
2023-06-13
761
Fundamental analysis:
Sterling remained volatile around 1.25049 against the U.S. dollar, and the pound may face the risk that the market's expectations of the Bank of England's interest rate hike may shrink. Funding and price data could soften at any time, while market pricing in bank rates could also be marked down sharply.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum is declining rapidly, the short-term decline may continue, the market as a whole is in a bearish mood, the MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 1.25332 1.25538
Support levels: 1.24856 1.24679
Trading strategy: bearish below 1.25143, target 1.24856 1.24679
Alternative strategy: Bullish above 1.25143, target 1.25332 1.25538
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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