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GBPUSD: short weakness consolidation moves down
2022-08-29
1186
Fundamental analysis:
GBP / USD fluctuated around 1.17422. Economists expect that Britain will fall into recession, which may make GBP vulnerable, and the exchange rate against USD will further fall below 1.17. When the results of the Conservative Party leadership election are announced on September 5, political factors may have a greater impact on the foreign exchange market.
GBPUSD GBPUSD - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low-level short-term entangled interval oscillates, the short-term power waits for the opportunity to enter and slowly goes down, the low-level in the early stage is close at hand and the break is imminent, the MACD index is in the weak consolidation on the lower side of the 0 axis, and the RSI index is in the weak oscillation on the lower side of the 50 equilibrium line;
Long and short turning point: 1.17564
Pressing position: 1.17978, 1.18326
Support position: 1.17096, 1.16776
Trading strategy: bearish below 1.17564, target 1.17096, 1.16776
Alternative strategy: bullish above 1.17564, target 1.17978, 1.18326
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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