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GBPUSD: Move the high bit up

2022-11-17
1034
Fundamental analysis:

The pound remained volatile against the dollar at 1.19144. The annual rate of UK CPI in October was 11.1%, expected to be 10.70%, a record high. The monthly rate of UK retail price index in October recorded 2.4%, the largest increase since April 2022.


GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:

The 4-hour chart shows that the bulls' driving force moves up slowly, the market's bullish mood remains unchanged, and the short-term upward trend shows no sign of stopping. The MACD index is at the high level in the bulls' region, while the RSI index hovers in the bulls' region;

Empty turning point: 1.18,926

Pressing: 1.19831, 1.20418

Support: 1.18339, 1.17786

Trading strategy: 1.18926 upside bullish, target 1.19831, 1.20418

Alternative strategy: 1.18926 bearish, target 1.18339, 1.17786

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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