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GBPUSD: Shock down

Fundamental analysis:

GBP/USD remained volatile around 1.20162, with any boost from new post-Brexit rules likely to be short-lived. And think that the central bank's movement should still be the core driving force of the pound. Because the BoE signaled at its last meeting that it expects to end its current rate hike cycle in March.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum is moving downward in a stepwise manner, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is hovering around the 0 axis, and the RSI indicator is finishing below the 50 balance line;

Long-short turning point: 1.20275

Suppression: 1.20480, 1.20713
Support: 1.19941, 1.19718

Trading strategy: bearish below 1.20275, target 1.19941, 1.19718
Alternative strategy: Bullish above 1.20275, target 1.20480, 1.20713

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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