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GBPUSD: Short position plummets

2022-11-04
594
Fundamental analysis:

The pound remained volatile against the dollar at 1.11542. The Bank of England raised interest rates by 75 basis points to 3.00%, in line with market expectations and the largest rate increase in 33 years. The Bank of England has raised interest rates for eight times since December last year, and the interest rate level has reached the highest level since November 2008.


GBPUSD GBPUSD - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the momentum of short positions has dropped rapidly, and the short-term decline may continue. The short position sentiment in the market remains unchanged, and there is no sign of stopping. The MACD indicator continues to move downward in the short position area, and the RSI indicator continues to hover at the low position in the short position area;


Empty turning point: 1.11710


Pressing: 1.12179, 1.12636


Support: 1.11153, 1.10718


Trading strategy: 1.11710 lower bearish, target 1.11153, 1.10718


Alternative strategy: 1.11710 upside bullish, target 1.12179, 1.12636

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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