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GBPUSD: Long headed climb
2022-11-11
1046
Fundamental analysis:
The pound remained volatile against the US dollar at 1.17210. The market is expecting the British Chancellor of the Exchequer Hunter's financial statement planned to be issued on November 17. There are signs that the government will reduce public spending and possibly raise taxes. The news seems unfavourable to the pound.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum has risen rapidly, short-term bullish sentiment has emerged, the market bulls have continued to move upward, MACD indicators are in the bulls' region, and RSI indicators are in the bulls' region;
Empty turning point: 1.17089
Pressing: 1.17600, 1.17970
Support: 1.16,700, 1.16,333
Trading strategy: bullish above 1.17089, target 1.17600, 1.17970
Alternative strategy: bearish under 1.17089, target 1.16700, 1.16333
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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