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GBPUSD: bear shock moves down
2022-10-21
1110
Fundamental analysis:
The pound remained volatile against the dollar at 1.12150. The market believed that the pound would weaken again, and investors' eagerness to restore their confidence might go too far, adding to the already grim economic outlook. It is now speculated that Hunter may require more radical government spending cuts and further tax increases when he announces his new plan on October 31, so as to overcompensate the fiscal gap "
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions keeps moving downward, and the short-term decline may continue. The MACD index hovers in a weak position near the 0 axis, and the RSI index is in a narrow range under the 50 equilibrium line;
Multi empty turning point: 1.12362
Pressing: 1.12842, 1.13311
Support: 1.11719, 1.11315
Trading strategy: bearish under 1.12362, target 1.11719, 1.11315
Alternative strategy: bullish above 1.12362, target 1.12842, 1.13311
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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