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GBPUSD: High level shock finishing
2022-10-13
1088
Fundamental analysis:
The pound remained volatile against the dollar at 1.10945. Bank of England Governor Bailey made it clear that the bond purchase plan was only temporary, and the future trend of the pound may still be fragile. The news that the Bank of England may extend the emergency bond purchase plan eased the pound's tone. It is expected that the GBP will fall back to 1.08 or below in the next few trading days. As the USD remains strong, GBP/USD seems still bearish.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions remains weak and slowly moves downward, the amplitude space gradually expands, the market bulls begin to enter slowly, the MACD index hovers under the 0 axis, and the RSI index is in the weak consolidation near the 50 equilibrium line;
Empty turning point: 1.10597
Pressing: 1.11643, 1.12486
Support: 1.09797, 1.09064
Trading strategy: bullish above 1.10597, target 1.11643, 1.12486
Alternative strategy: 1.10597 bearish, target 1.09797, 1.09064
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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