Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England will announce its policy decision later today and is widely expected to lower interest rates for the second time this year on the back of slowing inflation.
Pivot: 1.7954
Analysis:
While the price is above 1.7800, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7954
- Take Profit 1: 1.8100
- Take Profit 2: 1.8200
Alternative scenario:
If level 1.7800 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7800
- Take profit 1: 1.7700
- Take Profit 2: 1.7600
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.8300 | 1.7800 |
| 1.8200 | 1.7700 |
| 1.8100 | 1.7600 |
