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Pound day: bullish shock pull up

2022-07-15
1168
Fundamental analysis:

The pound remained volatile around 164.157 against the yen. The British National Bureau of Statistics said that Britain's GDP grew by 0.5% in May, exceeding the growth expectation of 0.1%, indicating a recovery from -0.2% in April. In the three months to may, the economy grew by 0.4%, exceeding consensus expectations of 0%.


Gbpjpy - 4-hour K-line chart shows:




Technical analysis:


According to the 4-hour chart, the low-level bull momentum maintained a shock rise, the high level retreated after a short-term resistance, and the short-term bull pull-up trend may continue. The MACD index was weak on the upper side of the 0 axis, and the RSI index was 50 balanced, with narrow consolidation on the online side;


Turning point of long and short: 163.861


Pressing position: 164.749, 165.299


Support position: 163.224, 162.648


Trading strategy: bullish above 163.861, target 164.749, 165.299


Alternative strategy: bearish below 163.861, target 163.224, 162.648

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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