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GBPJPY: Move high position sorting up

2022-10-31
594
GBPJPY EURGBP

Fundamental analysis:

The pound remained volatile against the yen at 171.254. The Bank of England will also start the process of voluntary quantitative tightening on November 1. The Bank of England Vice President Conliffe said that the financial market trend may still fluctuate in the next few weeks, but the risk of another "big sale" of British government bonds has been greatly reduced.


GBPJPY - 4-hour K chart shows:




Technical analysis:


The 4-hour chart shows that after the short-term high range shocks and shifts, the bulls finally usher in the trend of breaking position and moving up. The short-term bullish mood is shrouded. The MACD index is in the bulls' area to maintain consolidation, and the RSI index is in the 50 balanced online side to go up;


Empty turning point: 170.885


Pressing: 171.935, 172.731


Support: 170.114, 169.451


Trading strategy: bullish above 170.885, target 171.935, 172.731


Alternative strategy: bearish at 170.885, target 170.114, 169.451

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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