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GBPUSD: low multi head concussion moves up
2022-08-24
1125
Fundamental analysis:
GBP / USD fluctuated around 1.18267. The surge in energy costs and the summer strike highlighted the cost of living crisis in the United Kingdom and intensified the concern of further economic slowdown. Weak economic growth prospects in the UK continue to weigh on sterling.
GBPUSD GBPUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the market bearish sentiment continued to fluctuate downward, the low level was supported in the short term and reversed upward, and the Bulls began to wait for the opportunity to enter, but the market was still in a weak position. The MACD index was in the short area and the low level remained in the shock upward, and the RSI index was in the narrow range below the 50 equilibrium line;
Long and short turning point: 1.18109
Pressing position: 1.18696, 1.19099
Support position: 1.17738, 1.17353
Trading strategy: bullish above 1.18109, target 1.18696, 1.19099
Alternative strategy: bearish below 1.18109, targets 1.17738 and 1.17353
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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