Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) searches for a potential cushion after Tuesday’s intense breakdown.
Pivot: 1.6891
Analysis:
While the price is above 1.7000, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6891
- Take Profit 1: 1.6800
- Take Profit 2: 1.6700
Alternative scenario:
If level 1.7000 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7000
- Take profit 1: 1.7200
- Take Profit 2: 1.7300
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7300 | 1.6800 |
| 1.7200 | 1.6700 |
| 1.7000 | 1.6600 |
