Pound us: short positions are weak

GBP / USD remained volatile around 1.21044, and UK government bond yields fell sharply, indicating that the market is reducing expectations for the Bank of England to raise interest rates in the future, which is bad news for GBP.

According to the 4-hour chart: the short power continues, the lower rail section of the Bollinger belt index channel continues to vibrate downward, the low position quickly falls below the nodes near the lower rail, and then the V-shaped reverse moves upward, entangled in the consolidation near the middle rail, the short-term Bollinger belt index shows a closing trend, the MACD index is in the short area to maintain the consolidation and translation, and the RSI index is hovering below the 50 equilibrium line;

Long short turning point: 1.21162

Pressing position: 1.21689, 1.22181

Support position: 1.20483, 1.20000

Trading strategy: bearish below 1.21162, target 1.20483, 1.20000

Alternative strategies: bullish above 1.21162, targets 1.21689, 1.22181