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GBPJPY: Tidy Up Move
2023-05-26
770
Fundamental analysis:
GBP/JPY remained volatile around 172.541. It is currently estimated that the possibility of the Bank of England raising interest rates by 25 basis points to 4.75% in June is 98.54%, and it is very unlikely to raise interest rates by 50 basis points.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum maintains a narrow range and slowly moves upward, the market is still bullish, and there are signs of continued upward movement in the short term. The MACD indicator is in the bullish area and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 172.875 173.142
Support levels: 172.113 171.838
Trading strategy: Bullish above 172.407, target 172.875 173.142
Alternative strategy: bearish below 172.407, target 172.113 171.838
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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