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GBPUSD: V-shaped pull up

2023-08-24
526
Fundamental analysis:

GBP/USD remained volatile around 1.27236 as the Bank of England raised interest rates to 5.25% from 0.1% in December 2021, the second major hike in the Bank of England's 329-year history, but as inflation remained above its 2% target Many analysts, economists and financial markets are expecting further rate hikes in the coming months.

GBPUSD - 4-hour K-line chart shows:



Brief technical analysis:

The 4-hour chart shows that the short-seller momentum quickly reversed and rose after a rapid decline, and there were signs of resistance after the V-shaped rebound.

Resistance levels: 1.27454 1.27617

Support levels: 1.27077 1.26928

Trading strategy: bearish below 1.27300, target 1.27077 1.26928
Alternative strategy: bullish above 1.27300, target 1.27454 1.27617

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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