GBPUSD: Enter long positions on dips

8 Mar 2023

Consequences of Powell's testimony overnight:

Higher interest rate prospects for 2023.

As of writing, the terminal interest rate expectation has risen to 5.655%.

A 50 basis point rate hike is more likely at the March meeting.

If the upcoming US inflation and nonfarm payrolls data fall short of expectations, it may dampen market expectations for rate hikes and provide upward support for the pound.

After yesterday's sharp drop, the GBPUSD trend is temporarily hesitating, waiting for further guidance from fundamental data. After breaking through the psychological level of 1.1900, the 200-day moving average, and the lower support of the wedge, the bears are currently trying to push prices down to the previous oscillation high support of 1.1738.

Currently testing the support level at 1.1800-1.1820, if the support is effective, the daily chart will form a double bottom support, and I will buy a small position in this area, expecting to capture a wave of rebound profits. Currently, the upward trend remains intact, and I will gradually buy on dips to start medium to long-term layout operations.

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10 Mar 2023

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reach the first goal

10 Mar 2023

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1.20000

11 Mar 2023

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