Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of England (BoE) Governor Andrew Bailey reiterated on Wednesday that interest rates are likely to need to remain around current levels, per Reuters.
Pivot: 1.7078
Analysis:
While the price is above 1.7000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7078
- Take Profit 1: 1.7300
- Take Profit 2: 1.7400
Alternative scenario:
If level 1.7000 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7000
- Take profit 1: 1.6900
- Take Profit 2: 1.6800
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7500 | 1.7000 |
| 1.7400 | 1.6900 |
| 1.7300 | 1.6800 |
