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GBPUSD: slow down
2023-06-25
737
Fundamental analysis:
Sterling remained volatile around 1.27088 against the dollar, with former Bank of England policymaker and most dovish member at the time, Shussel Wadhani, saying peak interest rates of 6% were "still possible". How high interest rates will rise, and whether the Bank of England needs to trigger a recession to curb price increases, depends on which theory is more convincing in explaining sticky inflation in the UK.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short momentum maintains a slow consolidation and moves downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance levels: 1.27551 1.27896
Support levels: 1.26803 1.26517
Trading strategy: bearish below 1.27230, target 1.26803 1.26517
Alternative strategy: Bullish above 1.27230, target 1.27551 1.27896
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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