GBP - Sterling retreats as UK inflation hits 40-year high, stoking economic worries
Sterling retreats as UK inflation hits 40-year high, sparking economic worries
The trend of GBP/USD, as seen from the chart, RSI and Stochastic have just rebounded from the oversold area, the MACD indicator has just broken the signal line, and the exchange rate has been stuck in a low range since last week, or sees an initial bottom. At this stage, there is a chance to usher in a counterattack. The current resistance will focus on the 25-day moving average. The exchange rate has been subject to this indicator many times since March, and is currently at the 1.2570 level. If the market outlook can break through this area, it is expected to further consolidate the rebound of the pound; the extension target is expected to see To the 50-day moving average of 1.2830 and even the 1.30 mark. As for the support level, look back at 1.23, and the next level will refer to 1.22 and 1.2000.
Highlights of the week:
Bailey: Inflation is the biggest test the Bank of England has faced in 25 years
Resistance 1.2570 - 1.2830 - 1.3000*
Support 1.2300 – 1.2200 – 1.2000**
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