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GBPJPY: bears down
2023-05-12
809
Fundamental analysis:
GBP/JPY remained volatile around 168.098. The Bank of England: The Bank of England raised interest rates by 25 basis points, and the persistence of inflation will require further tightening of monetary policy. Two members of the Bank of England's Monetary Policy Committee voted in favor of keeping interest rates unchanged. The biggest GDP forecast revision ever made. The UK economy is expected to avoid a recession.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline has not stopped, the market's bearish sentiment continues, the MACD indicator is in the bearish area and moves down, and the RSI indicator is in a weak order below the 50 balance line;
Resistance levels: 168.762 169.212
Support levels: 167.657 167.245
Trading strategy: bearish below 168.299, target 167.657 167.245
Alternative strategy: call above 168.299, target 168.762 169.212
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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