GBPUSD: Low order wide amplitude oscillation moves downward

Fundamental analysis:

The pound remained volatile against the dollar at 1.13796. The Bank of England will hold a meeting on Thursday. Kwasi Kwarteng, the new British Chancellor of the Exchequer, is expected to release his first financial report on Thursday or Friday. It is expected that there will be further details about the energy price ceiling and tax cuts. Although the Bank of England is expected to raise interest rates by at least 50 basis points this week, the prospect of further tightening failed to support the pound.

GBPUSD GBPUSD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that in the short term, the market is in a low and wide range shock trend, the short market momentum remains, and there are signs of going out of the range shock in the short term. The MACD indicator is in the short market area to maintain consolidation, and the RSI indicator is hovering below the 50 equilibrium line;

Empty turning point: 1.13897

Pressing position: 1.14160, 1.14502

Support position: 1.13525, 1.13223

Trading strategy: 1.13897 lower bearish, target 1.13525, 1.13223

Alternative strategy: bullish above 1.13897, target 1.14160, 1.14502