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GBPJPY: high downside
2022-11-30
1122
Fundamental analysis:
GBP/JPY remained volatile around 165.728, and the first interest rate cut will be implemented in 2024. The British economy has entered recession. The UK's third-quarter GDP figures mark the official start of a recession, and the economy is likely to weaken further from there.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market’s short-term momentum is good, the short-term high short position continues to move down, the market as a whole is in a weak position, the MACD indicator is in the short area and continues to move down, and the RSI indicator is in the short area.
Long-short turning point: 165.898
Suppression: 166.327, 166.722
Support: 165.327, 164.921
Trading strategy: bearish below 165.898, target 165.327, 164.921
Alternative strategy: Bullish above 165.898, target 166.327, 166.722
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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