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GBPUSD: Move up the ladder
2022-10-03
1168
Fundamental analysis:
GBP/USD remained volatile around 1.11692, and the rise of GBP caused by the Bank of England's action was unsustainable. Any time the central bank conducts a temporary intervention plan, the market will certainly test this to see whether the central bank will continue to do so. But I do not expect the pound to fall below parity with the dollar.
GBPUSD GBPUSD - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bull power moves up and then reorganizes in a step like manner. The short-term bull rally shows signs of further upward movement. The MACD indicator slowly rises above the 0 axis, while the RSI indicator hovers in a weak position above the 50 equilibrium line;
Empty turning point: 1.11294
Pressing position: 1.12651, 1.13791
Support position: 1.10181, 1.09122
Trading strategy: 1.11294 upside bullish, target 1.12651, 1.13791
Alternative strategy: 1.11294 bearish, target 1.10181, 1.09122
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