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GBPUSD: strong climb
2023-06-02
791
Fundamental analysis:
Sterling remained volatile around 1.25230 against the US dollar. The rise in the core inflation rate in the UK has increased the possibility of further interest rate hikes by the Bank of England. The market expects the Bank of England to raise interest rates by at least 25 basis points this year, bringing the benchmark interest rate to 4.75%.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly, the short-term bullish sentiment is shrouded, the market bulls are constantly moving upwards, the MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone to maintain order;
Resistance levels: 1.25389 1.25535
Support levels: 1.24985 1.24822
Trading strategy: Bullish above 1.25130, target 1.25389 1.25535
Alternative strategy: bearish below 1.25130, target 1.24985 1.24822
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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