GBPUSD: Strong decline
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
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