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GBPUSD: Short positions rearrange and move down again

Fundamental analysis:

The pound remained volatile against the dollar at 1.15341. The Bank of England is expected to raise interest rates by another 50 basis points next week, although it may choose a larger increase. Under the cost crisis of people's livelihood, the central bank will increase the pressure on indebted households by raising interest rates.

GBPUSD GBPUSD - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the short sellers' momentum fell rapidly. After the short-term consolidation moved up, they encountered obstacles and fell again. The market as a whole was still in a downward trend. The MACD index hovered below the 0 axis, and the RSI index was in a weak consolidation below the 50 equilibrium line;

Empty turning point: 1.15459

Pressing position: 1.15844, 1.16229

Support position: 1.14872, 1.14535

Trading strategy: bearish under 1.15459, target 1.14872, 1.14535

Alternative strategy: bullish above 1.15459, target 1.15844, 1.16229

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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