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GBPUSD: High level sharp rise

2022-10-26
1130
Fundamental analysis:

The pound remained volatile against the dollar at 1.14660. Richie Sunak, the newly elected leader of the British Conservative Party, accepted the official appointment of British King Charles III at Buckingham Palace and became the new British Prime Minister.



GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the bulls' power has risen rapidly, short-term bullish sentiment has emerged, and the market bulls are constantly waiting for opportunities to enter the market. The MACD index stays in the bulls' area and keeps moving up, while the RSI index stays in the bulls' area and finishing at a high level;


Empty turning point: 1.14524


Pressing: 1.15182, 1.15681


Support: 1.14129, 1.13733


Trading strategy: 1.14524 upside bullish, target 1.15182, 1.15681


Alternative strategy: 1.14524 bearish, target 1.14129, 1.13733

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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