Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England is set to hold its policy rate for a fourth meeting in a row on “Super Thursday.” It will be the UK central bank’s first policy meeting of 2024, and it is expected to set the direction for the Pound Sterling market in the months to come.
Pivot: 1.7018
Analysis:
While the price is above 1.7000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7018
- Take Profit 1: 1.7300
- Take Profit 2: 1.7400
Alternative scenario:
If level 1.7000 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7000
- Take profit 1: 1.6900
- Take Profit 2: 1.6800
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7500 | 1.7000 |
| 1.7400 | 1.6900 |
| 1.7300 | 1.6800 |
