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GBPUSD: low bulls rising strongly
2022-08-17
1101
Fundamental analysis:
GBP / USD fluctuated around 1.20872. It is expected that the Bank of England will cut interest rates in the second half of 2023. However, if the policy is relaxed too early, it may need to raise interest rates again. If the Bank of England cuts interest rates before the inflationary pressure disappears, it may "rekindle the fire" and force the central bank to change its approach.
GBPUSD GBPUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short power maintained a downward oscillation, and after reaching the low level in the early stage in the short term, it reversed and pulled up. The long power waited for the opportunity to enter, and it continued to move upward. The MACD index was in the short area and maintained the consolidation, and the RSI index was in the lower side of the 50 equilibrium line;
Long and short turning point: 1.20785
Pressing position: 1.21124, 1.21394
Support position: 1.20565, 1.20339
Trading strategy: bullish above 1.20785, target 1.21124, 1.21394
Alternative strategy: bearish below 1.20785, targets 1.20565 and 1.20339
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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