Source: PaxForex Premium Analytics Portal, Technical Insight
Despite leading indicators pointing to a potential rebound in UK economic activity, the Bank of England is unlikely to cut rates by more than the currently anticipated 50 basis points by year-end.
Pivot: 1.7700
Analysis:
While the price is above 1.7600, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7700
- Take Profit 1: 1.7900
- Take Profit 2: 1.8000
Alternative scenario:
If level 1.7600 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7600
- Take profit 1: 1.7500
- Take Profit 2: 1.7400
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.8100 | 1.7600 |
| 1.8000 | 1.7500 |
| 1.7900 | 1.7400 |
