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GBPUSD: sharp drop at high level

2022-11-10
529
Fundamental analysis:

The pound remained volatile against the dollar at 1.13475. The strike and demonstration in Britain once hit the pound. Later, the dollar gave the pound a certain boost due to its overall decline in the foreign exchange market, following a large number of non US currencies.


GBPUSD GBPUSD - 4-hour K line chart shows:



Technical analysis:


The 4-hour chart shows that the momentum of high short positions has fallen rapidly, and the market short positions have begun to enter slowly. The short-term decline may continue. The MACD indicator is at the upper side of the 0 axis and the RSI indicator is at the lower side of the 50 equilibrium line;


Multi empty turning point: 1.13695


Pressing: 1.14162, 1.14651


Support: 1.12984, 1.12573


Trading strategy: bearish under 1.13695, target 1.12984, 1.12573


Alternative strategy: bullish above 1.13695, target 1.14162, 1.14651

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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