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GBPUSD: wide range shock
2023-06-01
664
Fundamental analysis:
Sterling remained volatile around 1.24389 against the dollar, ahead of the Bank of England meeting on June 22, with traders betting that the central bank will raise interest rates by 25 basis points to 84 percent. The central bank has raised interest rates 11 times since December 2021 to bring down soaring inflation. The continued increase in the interest rate of the pound has become a major favorable factor supporting the pound.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term lows maintain a wide range of shocks, bulls are waiting for opportunities, and there are signs of rapid recovery in the short term. The MACD indicator is on the upper side of the 0 axis and slowly rising, and the RSI indicator is on the upper side of the 50 balance line.
Resistance levels: 1.24545 1.24704
Support levels: 1.24127 1.23973
Trading strategy: Bullish above 1.24304, target 1.24545 1.24704
Alternative strategy: bearish below 1.24304, target 1.24127 1.23973
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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