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UK retail sales rebounded unexpectedly in April
2022-05-23
902
Fundamental analysis:
The pound remained volatile around 159.358 against the yen. Retail sales in the UK unexpectedly rebounded in April, with sales in food stores up 2.8% and non store retail up 3.7%. Meanwhile, auto fuel sales rose 1.4% after a 4.2% decline in March, which was affected by a record increase in gasoline prices.
Gbpjpy - 4-hour K-line chart shows:
Technical comments: the power of low-level bulls fluctuated and rose strongly, continued to move up the upper rail of the brin belt index to near 161.833, retreated in case of resistance, tangled in the narrow consolidation on the lower side of the middle rail, the brin belt index showed a closing trend and continued to shift, the MACD index was in the weak hovering near the 0 axis, and the RSI index was in the weak consolidation near the 50 equilibrium line;
Long short turning point: 158.634
Pressing position: 160.271, 161.178
Support position: 157.803, 157.073
Trading strategy: bullish above 158.634, target 160.271, 161.178
Alternative strategy: bearish below 158.634, target 157.803, 157.073
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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