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GBPUSD: High Short Move Down
2022-10-25
994
Fundamental analysis:
The pound remained volatile around 1.12736 against the dollar. The former British Chancellor of the Exchequer, Richie Sunak, has successfully won the post of leader of the British ruling Conservative Party. He will succeed Truss as the new British Prime Minister.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions moves downward in a short period of time, market short positions emerge, and there is a sign of continued pullback in the short term. The MACD indicator hovers above the 0 axis, and the RSI indicator is in a weak consolidation near the 50 equilibrium line;
Empty turning point: 1.12830
Pressing position: 1.13262, 1.13646
Support position: 1.12328, 1.11924
Trading strategy: bearish under 1.12830, target 1.12328, 1.11924
Alternative strategy: bullish above 1.12830, target 1.13262, 1.13646
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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