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GBPUSD: Shock down
2022-12-27
1007
Fundamental analysis:
GBP/USD remained volatile around 1.20398, and the UK may continue to underperform. The UK is expected to suffer the worst recession among major advanced economies in 2023, as headwinds from both monetary and fiscal policies are severe. Downside risks are mostly to the pound, with a recessionary environment and sensitivity to market instability likely to bring GBP/USD back into the 1.15-1.18 range. Markets are closed on Monday for Christmas.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains a downward trend and continues to move downwards. Short-term bulls have signs of waiting for opportunities to enter the market, but the downward trend remains. The MACD indicator is in the low-level order in the short-selling area, and the RSI indicator is hovering below the 50 balance line;
Long-short turning point: 1.20518
Suppression: 1.20812, 1.21089
Support: 1.20103, 1.19843
Trading strategy: bearish below 1.20518, target 1.20103, 1.19843
Alternative strategy: Bullish above 1.20518, target 1.20812, 1.21089
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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