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GBPUSD: Strong decline

Fundamental analysis:

Sterling remained volatile around 1.26003 against the dollar, with British inflation supposed to slow further in the coming months, but also suggesting that fighting inflation is costly in terms of heightened recession risks.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: The short-term momentum has fallen strongly, and the short-term decline may continue. The overall bearish sentiment in the market is shrouded.

Resistance levels: 1.26254 1.26395

Support levels: 1.25866 1.25744

Trading strategy: bearish below 1.26100, target 1.25866 1.25744
Alternative strategy: bullish above 1.26100, target 1.26254 1.26395

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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