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Gbpjpy: short term weak consolidation moves down
2022-08-15
1234
GBPJPY EURGBP
Fundamental analysis:
The pound remained volatile around 162.038 against the Japanese yen. The GDP of the UK in the second quarter is expected to be 0.6% higher than that in the fourth quarter of 2019 before the outbreak. The data was better than expected, but still showed that the UK economy contracted in the second quarter.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the long-term shift of narrow range consolidation is maintained, the short power shows signs of waiting for the opportunity to enter the market, the MACD index is weak at the lower side of the 0 axis, and the RSI index is in the narrow range consolidation at the lower side of the 50 equilibrium line;
Long and short turning point: 162.177
Pressing position: 162.671, 163.099
Support position: 161.501, 161.046
Trading strategy: bearish below 162.177, targets 161.501 and 161.046
Alternative strategy: bullish above 162.177, targets 162.671 and 163.099
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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