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Traders are cutting long positions in Sterling
2022-06-07
953
Fundamental analysis:
Sterling remained volatile around 1.25205 against the US dollar. Sterling rose 0.2% in May and has fallen about 8% in 2022. It is the third worst performing major currency in the world this year. Sentiment in the sterling market is as bleak as ever, and traders are cutting long positions in sterling.
GBPUSD GBPUSD - 4-hour K-line chart display:
Technical comments: the power of high short positions maintained in the middle and lower rail section of the Bollinger belt index channel continued to vibrate and began to shift. The Bollinger belt index continued to show a closing trend. The MACD index maintained a consolidation and translation in the short position area below the 0 axis, and the RSI index hovered below the 50 equilibrium line;
Multi empty turning point: 1.25250
Pressing position: 1.25762, 1.26265
Support position: 1.24797, 1.24332
Trading strategy: bearish below 1.25250, target 1.24797, 1.24332
Alternative strategy: bullish above 1.25250, target 1.25762, 1.26265
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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