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GBPJPY: high order

2023-05-09
821
Fundamental analysis:

GBP/JPY remained volatile around 170.351, and while the economic outlook remained weak, the Bank of England will revise up its growth forecast by enough to erase its previous forecast for a recession of up to five quarters.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum maintains shocks and moves upwards, and the short-term bullish momentum weakens, and the bullish trend in the market remains. The MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering weakly 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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