Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) recovered due to an upbeat market mood while the broader bias remains bearish as S&P Global reported vulnerable preliminary PMI data for August.
Pivot: 1.7195
Analysis:
While the price is above 1.7000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7195
- 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 |
