Source: PaxForex Premium Analytics Portal, Technical Insight
GBP was nearly unchanged for the day as traders opt to wait on the sidelines ahead of the Bank of England (BoE) policy update.
Pivot: 1.7738
Analysis:
While the price is above 1.7600, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7738
- Take Profit 1: 1.7900
- Take Profit 2: 1.8100
Alternative scenario:
If level 1.7600 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7600
- Take profit 1: 1.7400
- Take Profit 2: 1.7300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.8300 | 1.7600 |
| 1.8100 | 1.7400 |
| 1.7900 | 1.7300 |
