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GBPUSD: shock moves up

Fundamental analysis:

Sterling remained volatile around 1.23958 against the dollar after Britain's official economic forecaster told the government it had overestimated medium-term growth prospects and planned to downgrade its outlook. The downward revision to the outlook would wipe out all of the government's £9.2 billion ($11.34 billion) in public finances and limit the leeway that Chancellor Hunt has when he draws up the spring budget. The spring budget will be announced in March.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: After the high short-term shock and retracement, the market is in a narrow range, and the bulls in the market are looking for opportunities to move up. The short-term rapid rise, the MACD index is weak and hovering around the 0 axis, and the RSI index is in a weak order above the 50 balance line;

Long-short turning point: 1.23767

Suppression: 1.24317, 1.24640
Support: 1.23487, 1.23164

Trading strategy: Bullish above 1.23767, target 1.24317, 1.24640
Alternative strategy: bearish below 1.23767, target 1.23487, 1.23164

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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