Source: PaxForex Premium Analytics Portal, Technical Insight
BoE’s Bailey: There is evidence some retailers are overcharging customers. He said that “moves by regulators on retail prices will help to lower inflation.”
Pivot: 1.6891
Analysis:
While the price is above 1.6650, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6891
- Take Profit 1: 1.6950
- Take Profit 2: 1.7150
Alternative scenario:
If level 1.6650 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6650
- Take profit 1: 1.6410
- Take Profit 2: 1.6245
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7300 | 1.6650 |
| 1.7150 | 1.6410 |
| 1.6950 | 1.6245 |
