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GBPJPY: sorting out high position and weak position
2022-10-19
1122
Fundamental analysis:
The pound remained volatile against the yen at 168.926. After the failure of the UK "mini" budget plan, the Bank of England may delay selling billions of pounds of government bonds to further stabilize the UK bond market. The Bank of England has postponed the sale date of GBP838 billion British government bonds purchased under the quantitative easing program from October 6 to the end of this month.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that after the bulls' momentum rose rapidly, the high position and weak position were consolidated in a narrow range, and the market bulls' sentiment began to slowly weaken. The MACD index hovered at the high position in the bulls' region, and the RSI index was consolidated at the high position in the bulls' region;
Empty turning point: 168.660
Pressing: 170.079, 171.023
Support: 167.746, 166.863
Trading strategy: bullish above 168.660, target 170.079, 171.023
Alternative strategy: bearish at 168.660, target 167.746, 166.863
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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