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The pound may not come out in the short term

2022-06-13
1042
Fundamental analysis:

GBP / USD kept fluctuating around 1.23144. Since the opening of this month, the GBP has been constantly fluctuating between 1.260-1.247. The T-shaped cross in May provided relative support for the GBP, but the threat of interest rate hike and table contraction from the Federal Reserve still exists. Therefore, the GBP may not come out in the short term.


GBPUSD GBPUSD - 4-hour K-line chart display:




Technical comments: the short momentum fell rapidly, and continued to move down near the downtrack of the Bollinger belt index. The Bollinger belt index showed an open trend. There was no sign of stopping the short-term decline. The MACD index kept moving down in the short area, and the RSI index maintained a weak downward trend below the 50 equilibrium line;


Multi empty turning point: 1.23353


Pressing position: 1.23702, 1.24052


Support position: 1.22757, 1.22366


Trading strategy: bearish below 1.23353, target 1.22757, 1.22366


Alternative strategy: bullish above 1.23353, target 1.23702, 1.24052


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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