Source: PaxForex Premium Analytics Portal, Technical Insight
MUFG analysts suspect the BoE has already overdone it with tightening and see potential for rates to soften relative to other major developed economies.
Pivot: 1.6686
Analysis:
While the price is above 1.6580, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6686
- Take Profit 1: 1.6800
- Take Profit 2: 1.6900
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 |
| 1.7000 | 1.6580 |
| 1.6900 | 1.6500 |
| 1.6800 | 1.6400 |
