The latest British employment report showed that wage data was stronger than expected, suggesting that high inflation may be difficult to cool down, stimulating a short-term rebound and strengthening of the pound against the dollar.Technically, GBP/USD has fluctuated up and down around the key pressure level of 1.2350 in the past two weeks. In the short term, we will pay attention to how to break through the range. If it breaks above 1.2550, it may mark the victory of the bulls.
The determining force of the GBP/USD trend is on the USD side, and it just so happens that the short-term rebound of the USD seems to have ended, which is additional positive news for GBP/USD.
The dollar index rebounded and strengthened on Friday after unexpectedly rising Michigan consumer inflation expectations data, as expectations for the Federal Reserve to raise interest rates in May increased.However, unless inflation indicators such as CPI do strengthen again in the future, it will be difficult for the Fed's interest rate hike expectations to return to before the Silicon Valley banking crisis, so we can see that the rebound of the US index for two consecutive trading days is ending, which will give the pound a boost against the dollar.
Technical analysis of the trend of GBP/USD: short-term attention to the volatility range
The daily chart shows that GBP/USD did not immediately expand its rally after breaking through the key resistance of 1.2450 at the beginning of this month, but oscillated up and down around this level to form a range (1.2350-1.2550).The exchange rate rebounded from the bottom of the range in the short term. If it breaks above 1.2450 or points to 1.2550, breaks through the top of the range or confirms an effective breakthrough at 1.2450, further upward space will be ushered in in the future.
If it goes down, pay attention to the support near 1.2350 at the bottom of the volatility range, and a break below will mean greater room for decline.
The limited-time price of the 4-hour chart is hovering at the previous high level. The market trend needs to be urged by the news side. Several points of attention are marked. MACD has a trend of forming a golden fork, and the overall trend is OK.
At present, those who want to enter can mainly buy and rise!Pay attention to controlling the position according to your own situation.
The determining force of the GBP/USD trend is on the USD side, and it just so happens that the short-term rebound of the USD seems to have ended, which is additional positive news for GBP/USD.
The dollar index rebounded and strengthened on Friday after unexpectedly rising Michigan consumer inflation expectations data, as expectations for the Federal Reserve to raise interest rates in May increased.However, unless inflation indicators such as CPI do strengthen again in the future, it will be difficult for the Fed's interest rate hike expectations to return to before the Silicon Valley banking crisis, so we can see that the rebound of the US index for two consecutive trading days is ending, which will give the pound a boost against the dollar.
Technical analysis of the trend of GBP/USD: short-term attention to the volatility range
The daily chart shows that GBP/USD did not immediately expand its rally after breaking through the key resistance of 1.2450 at the beginning of this month, but oscillated up and down around this level to form a range (1.2350-1.2550).The exchange rate rebounded from the bottom of the range in the short term. If it breaks above 1.2450 or points to 1.2550, breaks through the top of the range or confirms an effective breakthrough at 1.2450, further upward space will be ushered in in the future.
If it goes down, pay attention to the support near 1.2350 at the bottom of the volatility range, and a break below will mean greater room for decline.
The limited-time price of the 4-hour chart is hovering at the previous high level. The market trend needs to be urged by the news side. Several points of attention are marked. MACD has a trend of forming a golden fork, and the overall trend is OK.
At present, those who want to enter can mainly buy and rise!Pay attention to controlling the position according to your own situation.