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GBPUSD: bearish shock downward
2022-10-20
1096
Fundamental analysis:
The pound remained volatile around 1.12128 against the US dollar. The UK's CPI and PPI in September were stronger than expected, increasing market concerns about the UK economic recession.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions remains volatile and downward, and the short-term decline may continue. The momentum of market short positions gradually enters the market. The MACD indicator is in the long position, and the weak position moves downward to hover around the 0 axis. The RSI indicator is in the weak position under the 50 equilibrium line;
Multi empty turning point: 1.12373
Pressing: 1.12771.13224
Support: 1.11741.11392
Trading strategy: 1.12373 lower bearish, target 1.11741.11392
Alternative strategy: 1.12373 upper bullish, target 1.12771.13224
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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