Ultima MarketsMarket Analysis: The economic downturn has led to a comprehensive retreat of bulls...

Today's Focus--GBP USD。

Fundamentally,britain8monthPMIComprehensive data shrinkage, service industryPMIby48.7Unexpected51manufacturingPMIAlso lower than expected45, further falling to42. The UK Purchasing Managers' Index has been running continuously5Last month saw a decline, with the service industry falling below the boom and bust line again after more than six months. according toPMIThe report shows that the decline in new order growth is the main reason, mainly due to the sluggish domestic economic situation in the UK and the impact of rising borrowing costs.

On the other hand, the sluggish economic activity at least proves the effectiveness of the Bank of England's monetary policy, and the market is also concerned about the peak of benchmark interest rates6%Down to5.5%This means that the Bank of England has only25The upward adjustment space of the base point. The end of potential tightening policies has driven the bearish strength of the pound against the US dollar, and there is strong downward pressure on the exchange rate before the poor data is thoroughly digested and the Bank of England's rate hikes decrease.

Technically,The pound finally confirmed its decline against the US dollar. Yesterday's final closing price fell below Wednesday's long shadow low, confirming the current dominance of bearish forces.

Daily cycle chart of GBP USD, sourceUltima Markets MT4）

With yesterday's great entity yinKIt has also confirmed the signal of a dead cross in the random oscillation indicator, and there is a strong downward trend in the daily cycle. Looking at the potential support position below200Daily cycle moving average.

(GBP USD)4Hourly cycle chart, sourceUltima Markets MT4）

4On the hourly cycle, the moving average also indicates bearish positions. The short-term moving average group is currently turning downwards, and the market was rebounding yesterday33and65After the cyclical moving average, it went down again, and there is still bearish momentum in the market today, waiting to step back into the volatile range.

(GBP USD)1Hourly cycle chart, sourceUltima Markets MT4）

1Hourly cycle, GBP USDATRBreaking through the portfolio indicator also indicates that yesterday's breakthrough was effective, and today's retracement is focused on short trading opportunities.

(GBP USD)1Hourly cycle chart, sourceUltima Markets MT4）

according toUltima Markets MT4InpivotIndicator, daily central price level1.26395，

1.26395Upward bullish, first goal1.26877Second objective1.27769

1.26395Under bearish, first target1.25506Second objective1.25032

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