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GBPUSD: upward shock

Fundamental analysis:

GBP/USD remained volatile around 1.24682, and the high fiscal deficit in the UK slightly put pressure on the pound. Sterling has been one of the strongest major currencies against the dollar so far this year, rising 3.1 percent and tied for second with the euro. Inflation unexpectedly hit 10.1% in March and evidence of solid service sector demand has many reassessing how many more times the Bank of England is likely to raise interest rates this year.

GBPUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bulls’ dynamics fluctuated upwards and then retreated after encountering obstacles. The short-term bullish sentiment remains, and the bulls in the market are constantly moving upwards. The MACD indicator is hovering above the 0 axis, and the RSI indicator is on the side of the 50 balance line for weak consolidation;

Resistance levels: 1.24823 1.24949

Support levels: 1.24481 1.24363

Trading strategy: Bullish above 1.24607, target 1.24823 1.24949
Alternative strategy: bearish below 1.24607, target 1.24481 1.24363

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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