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Pound day: V-shaped reversal is blocked
2022-07-04
1388
Fundamental analysis:
Sterling remained volatile around 163.596 against the yen. Soaring inflation and sluggish consumer confidence led economists to lower their expectations for the UK's economic performance for the rest of the year. The Bank of England warned in May that the economic recession might sweep the UK before the end of the year.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart: the short power continued to fluctuate and fall near the brin zone index, and it rose sharply after crossing the low position and off the track, showing a V-shaped reversal trend. After the brin zone index showed an opening trend, it began to close slowly. The MACD index was weak below the 0 axis, and the RSI index was in a narrow range fluctuation below the 50 equilibrium line;
Turning point of long and short: 163.885
Pressing position: 164.644, 165.484
Support position: 162.886, 162.067
Trading strategy: 163.885 bearish below, target 162.886, 162.067
Alternative strategy: bullish above 163.885, target 164.644, 165.484
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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