Source: PaxForex Premium Analytics Portal, Technical Insight
The recently released May CPI report in the UK brings more bad news, as the month-on-month (MoM) gain in CPI is 0.7%, surpassing the expected 0.4% increase. Consequently, the annual rate remains unchanged at 8.7% instead of the anticipated decline to 8.4%.
Pivot: 1.6790
Analysis:
While the price is above 1.6650, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6790
- Take Profit 1: 1.7150
- Take Profit 2: 1.7400
Alternative scenario:
If level 1.6650 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6650
- Take profit 1: 1.6410
- Take Profit 2: 1.6245
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7500 | 1.6650 |
| 1.7400 | 1.6410 |
| 1.7150 | 1.6245 |
