Source: PaxForex Premium Analytics Portal, Technical Insight
British inflation slowed in February, keeping the Bank of England on track to start cutting interest rates in the months ahead and offering some better economic news to Prime Minister Rishi Sunak.
Pivot: 1.7226
Analysis:
While the price is above 1.6900, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7226
- Take Profit 1: 1.7300
- Take Profit 2: 1.7400
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 |
| 1.7500 | 1.6900 |
| 1.7400 | 1.6800 |
| 1.7300 | 1.6700 |
