Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England (BoE) is expected to keep its interest rate steady at 5.25%. This decision comes as the UK grapples with persistent inflation, a cost-of-living crisis, and escalating oil prices due to the Israel-Hamas conflict.
Pivot: 1.6802
Analysis:
While the price is above 1.6580, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6802
- Take Profit 1: 1.6900
- Take Profit 2: 1.7000
Alternative scenario:
If level 1.6580 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6580
- Take profit 1: 1.6500
- Take Profit 2: 1.6400
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7100 | 1.6580 |
| 1.7000 | 1.6500 |
| 1.6900 | 1.6400 |
