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GBPUSD: wide range shock
2023-01-31
1007
Fundamental analysis:
GBP/USD remained volatile around 1.23473. At 20:00 Beijing time on February 2 (Thursday), the Bank of England will hold an interest rate decision, which is expected to raise interest rates by 50 basis points, raising the main interest rate to 4%. Economists, however, will be watching closely for signs that the 10th consecutive hike will be the BoE's last.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: high short-term wide fluctuations, the market’s short-term sentiment has signs of waiting for opportunities to enter the market, and the short-term start is slow and there are signs of a retracement and downward trend. The bullish area of the MACD index has retreated to hover around the 0 axis, and the RSI index is below the 50 balance line. weak finishing;
Long-short turning point: 1.23617
Suppression: 1.23842, 1.24102
Support: 1.23204, 1.22972
Trading strategy: bearish below 1.23617, target 1.23204, 1.22972
Alternative strategy: Bullish above 1.23617, target 1.23842, 1.24102
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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