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GBPUSD: strong pull up
2023-04-25
849
Fundamental analysis:
GBP/USD remained volatile around 1.24848. Market expectations for a 25 basis point rate hike by the Bank of England in May are still highly probable. Rates are now seen rising to around 4.9% by September from the current 4.25%. When the interest rate level is basically the same as that of the US dollar, the pound can still be supported to a certain extent in a short period of time.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum has risen strongly, the short-term bullish sentiment is shrouded, the bullish momentum in the market is constantly moving upward, the MACD indicator is hovering above the 0 axis, and the RSI indicator is weakly upward above the 50 balance line;
Resistance levels: 1.25000 1.25149
Support levels: 1.24638 1.24508
Trading strategy: Bullish above 1.24792, target 1.25000 1.25149
Alternative strategy: bearish below 1.24792, target 1.24638 1.24508
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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