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GBPUSD: oscillating down
2022-11-30
1151
Fundamental analysis:
GBP/USD remained volatile around 1.19720, with mortgage lending activity slowing further as the effective rate on newly drawn mortgages rose 25 basis points to 3.09% in October. Meanwhile, net personal mortgage debt fell from £5.9bn to £4bn in the month. As for consumer credit growth, year-on-year growth eased slightly to 7.0% last month from 7.1% in September.
GBPUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level and short-term dynamics fluctuate downward, the market as a whole is in a weak position, the high level continues to fluctuate downward, the MACD indicator is in the bullish area and moves down to the 0 axis, and the RSI indicator is in a weak position below the 50 balance line;
Long-short turning point: 1.19720
Suppression: 1.20232, 1.20776
Support: 1.19006, 1.18478
Trading strategy: bearish below 1.19720, target 1.19006, 1.18478
Alternative strategy: Bullish above 1.19720, target 1.20232, 1.20776
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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