Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) has extended its upside, capitalizing on improved market sentiment and an absence of commentary hinting at interest rate cuts from any Bank of England (BoE) policymakers.
Pivot: 1.7055
Analysis:
While the price is above 1.6900, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7055
- Take Profit 1: 1.7200
- Take Profit 2: 1.7300
Alternative scenario:
If level 1.6900 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6900
- Take profit 1: 1.6800
- Take Profit 2: 1.6700
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7400 | 1.6900 |
| 1.7300 | 1.6800 |
| 1.7200 | 1.6700 |
