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Pound us: short positions break new lows
2022-07-06
1129
Fundamental analysis:
Sterling fell to around 1.19305 against the US dollar, with UK inflation still the highest in G10, and the economic growth by 2023 will be inferior to that of most peers. This provides a reason for the forecast that the pound will weaken against the dollar.
GBPUSD GBPUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short power continued to fluctuate and fall near the off track of the Bollinger belt index. After falling below the nodes near the off track, the Bollinger belt index was in an open trend. The short area under the 0 axis of MACD index continued to fluctuate, and the RSI index was under the 50 equilibrium line, and the consolidation moved down;
Long short turning point: 1.19576
Pressing position: 1.20106, 1.20652
Support position: 1.18842, 1.18420
Trading strategy: bearish below 1.19576, target 1.18842, 1.18420
Alternative strategies: bullish above 1.19576, targets 1.20106, 1.20652
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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