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Pound day: weakness moves down
2022-07-12
1201
Fundamental analysis:
The pound remained volatile around 163.245 against the yen. With the annual CPI rate about to exceed 11% in the autumn, the Bank of England may temporarily abandon its cautious position and raise the interest rate by half a percentage point to 1.75% at its meeting in August, but this may be only a one-time increase, and then return to the standard rate increase of 25 basis points.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low-level long power maintained a concussion and rise, the high-level short-term consolidation was blocked, the short power showed signs of waiting for the opportunity to enter, the MACD index hovered on the upper side of the 0 axis, and the RSI index was in a narrow consolidation near the 50 equilibrium line;
Turning point of long and short: 163.562
Pressing position: 164.230, 164.848
Support position: 162.616, 161.983
Trading strategy: 163.562 bearish below, target 162.616, 161.983
Alternative strategy: bullish above 163.562, target 164.230, 164.848
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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