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GBPUSD: Shock narrowed

Fundamental analysis:

The pound remained volatile around 1.20190 against the U.S. dollar. Investors believed that the interest rate of the pound would not be widened by the European and American currencies, and the pound might not be too impacted and fell into an extremely weak position.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term volatility space is narrowed, the market as a whole is in a narrow range of shocks, the MACD indicator is weakly hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;

Resistance levels: 1.20424 1.23598

Support levels: 1.20031 1.19866

Trading strategy: bearish below 1.20254, target 1.20031 1.19866
Alternative strategy: Bullish above 1.20254, target 1.20424 1.23598

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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