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GBPJPY: high order
2023-05-31
763
Fundamental analysis:
GBP/JPY remained volatile around 173.515, and the market expects the Bank of England to raise interest rates by 25 basis points at each of the next three meetings. Peak interest rates are forecast at 3.75% for the ECB and 5.25% for the Bank of England. Both central banks are forecast to cut rates (ECB and BoE to 2.75% and 4%, respectively), more than a year after the last hike.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term momentum has encountered resistance in the short term, and the bullish sentiment in the market has gradually weakened. The MACD indicator is in the long-term zone, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 173.921 174.193
Support levels: 173.168 172.819
Trading strategy: bearish below 173.559, target 173.168 172.819
Alternative strategy: Bullish above 173.559, target 173.921 174.193
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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