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GBPUSD: High level oscillation
2022-11-18
1079
Fundamental analysis:
The British pound remained volatile against the US dollar at 1.18606. The British Chancellor of the Exchequer Hunter issued the autumn financial report to the British Parliament: the priority is stability, growth and public services. He will take difficult decisions to deal with inflation. He will outline the plan to rebuild the economy, which will lead to a "smaller" recession and lower energy bills.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the high level moves back in a narrow range, the short market momentum shows signs of waiting for an opportunity to enter the market, the MACD index is in the long region and moves downward, and the RSI index is in the weak hovering near the 50 equilibrium line;
Empty turning point: 1.18926
Pressing: 1.19479, 1.19999
Support: 1.18037, 1.17400
Trading strategy: 1.18926 lower bearish, target 1.18037, 1.17400
Alternative strategy: 1.18,926 upper bullish, target 1.19,479, 1.19,999
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