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The acceleration of economic growth has put pressure on the Bank of England
2022-05-24
995
Fundamental analysis:
Sterling remained volatile around 160.790 against the yen, accelerated economic growth and tighter labor market conditions will continue to put pressure on the Bank of England to continue to raise interest rates in the coming months. It reflects that the market has become too short-term and pessimistic about the recent prospects of the UK economy.
Gbpjpy - 4-hour K-line chart shows:
Technical comments: the bull power is maintained in the Bollinger belt index channel, and the narrow range finishing of the middle and upper rail section moves up slowly. After touching the upper rail to the node near 160.976, the finishing starts. In the short-term bull power, the Bollinger belt index continues to close, the MACD index is in the weak narrow range finishing above the 0 axis line, and the RSI index is in the 50 equilibrium line side;
Long short turning point: 160.422
Pressing position: 161.833, 162.815
Support position: 159.491, 158.609
Trading strategy: bullish above 160.422, target 161.833, 162.815
Alternative strategy: bearish below 160.422, target 159.491, 158.609
The above analysis is a personal point of view and is for reference only.
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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