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Gbpjpy: low short positions continue to decline
2022-08-02
1265
Fundamental analysis:
The pound remained volatile against the yen at around 161.127. The overnight index swap contract interest rate suggested that the Bank of England interest rate could rise to 1.64% on Thursday, higher than 1.5% when the Bank of England raised interest rates by 25 basis points, but lower than 1.75% when the Bank of England raised interest rates by 50 basis points.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short-term momentum of high-level short positions fell rapidly, and the short-term narrow range consolidation of low positions, but the market as a whole was weak, and there was no sign of stopping the short-term decline. MACD index maintained consolidation and decline in the short position area, and RSI index remained weak in the short position area;
Turning point of long and short: 161.301
Pressing position: 161.651, 162.062
Support position: 160.738, 160.377
Trading strategy: bearish below 161.301, target 160.738, 160.377
Alternative strategy: bullish above 161.301, target 161.651, 162.062
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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