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Pound day: bulls wait for the opportunity to enter

2022-07-14
1129
Fundamental analysis:

Sterling remained volatile around 153.081 against the yen. UK GDP data: the overall data were encouraging, and UK service industry output also increased by 0.4% in the month. Consumer oriented service output fell by 0.1% in May, while retail trade fell by 0.5%.



Gbpjpy - 4-hour K-line chart shows:




Technical analysis:


According to the 4-hour chart: after the low-level wide range concussion, the amplitude space gradually narrowed, and the bull dynamics showed signs of waiting for the opportunity to enter. The MACD index was weak around the 0 axis, and the RSI index was narrow around the 50 equilibrium line;


Turning point of long and short: 162.848


Pressing position: 163.711, 164.474


Support position: 162.161, 161.360


Trading strategy: bullish above 162.848, target 163.711, 164.474


Alternative strategy: bearish below 162.848, target 162.161, 161.360



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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