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GBPUSD: High bit downlink

2022-11-03
570
Fundamental analysis:

The pound remained volatile against the dollar at 1.13879. The pound was still affected by global risk sentiment. Risk appetite rose when it improved and weakened when it deteriorated. Hedge funds increased their bets on the recovery of sterling, while asset managers reduced their "short" positions in sterling.


GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the power of high short positions is in the form of a step down shock, and the short-term decline may continue. The MACD indicator hovers below the 0 axis, and the RSI indicator is in the weak consolidation below the 50 equilibrium line;


Empty turning point: 1.14097


Pressing: 1.14487, 1.14922


Support: 1.13483, 1.13071


Trading strategy: 1.14,097 lower bearish, target 1.13,483, 1.13,071


Alternative strategy: 1.14097 upside bullish, target 1.14487, 1.14922

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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