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GBPJPY: high retracement
2023-06-13
760
Fundamental analysis:
GBP/JPY remained volatile around 174.560. Bank of England member Haskell said on the day that in order to control inflation, the Bank of England may need to raise interest rates more than once from the current level of 4.5%. It is important to have the risk of continuing to fight against inflationary momentum, so the central bank cannot rule out further rate hikes.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum is rapidly retracing, the short-term decline may continue, the market as a whole is in a bearish trend and moves downward, the MACD indicator is in the bullish area and fluctuates downward, and the RSI indicator is hovering around the 50 balance line;
Resistance levels: 175.021 175.279
Support levels: 174.296 174.030
Trading strategy: bearish below 174.739, target 174.296 174.030
Alternative strategy: Bullish above 174.739, target 175.021 175.279
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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