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GBPJPY: high volatility
2023-06-01
777
Fundamental analysis:
GBP/JPY remained volatile around 173.306, with British shop price growth picking up this month to the highest level since industry records began in 2005. The stickiness of British inflation has increased the pressure on the Bank of England to continue raising interest rates.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: High short-term fluctuations within a narrow range, the market maintains a weak consolidation and is in a bearish trend, the MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 173.879 174.193
Support levels: 172.993 172.692
Trading strategy: bearish below 173.524, target 172.993 172.692
Alternative strategy: Bullish above 173.524, target 173.879 174.193
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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