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GBPUSD: High level sorting

2022-10-31
592
Fundamental analysis:

The pound remained volatile against the dollar at 1.16,096. The market generally expected the Bank of England to raise interest rates by less than 150 basis points before the end of the year, but it is expected that the interest rate will be raised by 75 basis points next Thursday (November 3), raising the benchmark interest rate from 2.25% to 3%, to fight against high inflation. The market's expectation that the Bank of England will raise interest rates by a further 100 basis points has also been raised to 37%, which is higher than the probability of delaying the release of the financial plan.


GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that after the bulls' dynamic pull up, the high narrow range has been consolidated and moved, and the market bulls still show signs of continuing to move up. The MACD index is in the consolidation and translation of the bulls' regions, and the RSI index is in the 50 equilibrium line;


Empty turning point: 1.15887


Pressing: 1.16507, 1.16884


Support: 1.15474, 1.15102


Trading strategy: bullish above 1.15887, target 1.16507, 1.16884


Alternative strategy: bearish under 1.15887, target 1.15474, 1.15102

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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