GBPUSD: short sellers fell strongly

Fundamental analysis:

GBP / USD fluctuated around 1.19373. Bank of England: the central bank aims to comprehensively reduce the corporate bonds held under the corporate bond purchase program (CBPs) at the end of 2023 or the beginning of 2024 according to market conditions. Excluding bonds maturing before this date, the nominal value of bonds currently eligible for sale by auction is approximately £ 13 billion. The auction plan is expected to be auctioned at an average nominal rate of about 200 million pounds per week.

GBPUSD GBPUSD - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the short power continued to fluctuate downward, the low weakness continued to decline, and the short-term decline showed no sign of stopping. The MACD index was in the low consolidation of the short area, and the RSI index was in the weak downward of the short area below the 50 equilibrium line;

Long and short turning point: 1.19373

Pressing position: 1.19618, 1.19892

Support position: 1.19030, 1.18855

Trading strategy: bearish below 1.19373, target 1.19030, 1.18855

Alternative strategy: bullish above 1.19373, target 1.19618, 1.19892