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Gbpjpy: surging high

Fundamental analysis:

The pound remained fluctuating around 166.707 against the yen. The current monthly GDP rate of the UK is estimated to be 1.1% higher than the level before the epidemic (that is, February 2020). The actual GDP is lower than expected, which can not bring much comfort to the economic prospects of the UK.

Gbpjpy - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the Bulls kept surging, the high level began to narrow, the market bulls continued to pull up, the MACD index was in the Bulls' region to maintain consolidation, and the RSI index was in the Bulls' region to maintain wandering;

Long short turning point: 166.461

Pressing position: 167.134, 164.588

Support position: 165.993, 165.584

Trading strategy: bullish above 166.461, target 167.134, 164.588

Alternative strategy: bearish below 166.461, target 165.993, 165.584

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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