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GBPUSD: bearish shock downward

2022-09-16
523
Fundamental analysis:

The pound remained volatile against the dollar at 1.14621. In order to keep the pound supported, the Bank of England may have to raise the basic interest rate to 5% in this cycle to attract scarce foreign capital. If it does not, the pound may fall to 1.10 or below.


GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the momentum of high short positions has fallen rapidly, the market short position mood has been shrouded, and it has started to decline slowly. The short-term decline has not stopped. The MACD indicator remains in the short position area and the RSI indicator remains weak in the short position area;


Empty turning point: 1.14707


Pressing position: 1.14969, 1.15258


Support position: 1.14349, 1.14081


Trading strategy: 1.14707 lower bearish, target 1.14349, 1.14081


Alternative strategy: 1.14707 upside bullish, target 1.14969, 1.15258

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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