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GBPUSD: High bit slow downlink
2022-10-12
1092
Fundamental analysis:
The pound remained volatile against the dollar at 1.09624. The British government's borrowing in this fiscal year will reach 194 billion pounds, and it will still be 103 billion pounds in 2026/27 - 71 billion more than the government forecast agency estimated in March. The market estimates that the UK economy will grow by only 0.8% annually in the next five years.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the high position narrow range consolidation is slowly declining, the market short position sentiment remains, and the short-term decline may continue. The MACD indicator is weak and hovering below the 0 axis, and the RSI indicator is narrow and fluctuating below the 50 equilibrium line;
Empty turning point: 1.09968
Pressing: 1.10794, 1.11643
Support: 1.08828, 1.07979
Trading strategy: 1.09968 lower bearish, target 1.08828, 1.07979
Alternative strategy: 1.09968 upside bullish, target 1.10794, 1.11643
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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