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GBPJPY: Bears move down
2023-05-11
796
Fundamental analysis:
GBP/JPY remained volatile around 1696.539. Nine members of the Monetary Policy Committee recommended that the Bank of England raise interest rates on Thursday (May 11). Two of the nine advocated raising interest rates by 50 basis points: Steve Robson and Anne Sibert; the other seven One said the Bank of England should raise interest rates by 25 basis points, in line with mainstream market forecasts.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market as a whole is in a bearish mood, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance levels: 170.215 170.703
Support levels: 169.161 168.775
Trading strategy: bearish below 169.739, target 169.161 168.775
Alternative strategy: call above 169.739, target 170.215 170.703
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