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GfK's consumer confidence index in the UK is the lowest on record
2022-05-31
872
Fundamental analysis:
Sterling remained volatile around 161.387 against the yen. GfK's consumer confidence index fell two points to -40 in May, the lowest level since records began in 1974. This is crucial for the UK economy, which is driven by consumer oriented services.
Gbpjpy - 4-hour K-line chart display:
Technical comments: the upper rail section of the Bollinger belt index channel continued to fluctuate and rise. The high level reached the node near 161.530 and began to sort out. The short-term bull power continued to move upward. The Bollinger belt index continued to move upward in a closing trend. The MACD index maintained a weak narrow range at the 0 axis line side, and the RSI index maintained a narrow range at the 50 equilibrium line side;
Multi empty turning point: 161.153
Pressing position: 162.110, 162.890
Support position: 160.473, 159.692
Trading strategy: bullish above 161.153, target 162.110, 162.890
Alternative strategy: bearish below 161.153, target 160.473, 159.692
The above analysis is a personal point of view and is for reference only.
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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