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GBPJPY: Bulls pull up

2023-05-07
514
Fundamental analysis:

GBP/JPY remained volatile around 170.374. British local council election results showed that Prime Minister Rishi Sunak's Conservative Party lost dozens of seats in British local elections. Voters were hit by political scandals, slow economic growth and high inflation dissatisfied with his party.

British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bulls are driven by shocks and pulled up, short-term obstacles are being sorted out, the market is still bullish, and the bulls are showing signs of continuing to move upwards. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;

Resistance levels: 170.803 171.241

Support levels: 169.773 169.361

Trading strategy: Bullish above 170.159, target 170.803 171.241
Alternative strategy: bearish below 170.159, target 169.773 169.361

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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