Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling swooned on Wednesday, declining further as GBP markets buckle under the weight of a broad-market Greenback recovery and investors brace for an overall decline in UK PMI prints for October.
Pivot: 1.7875
Analysis:
While the price is above 1.7600, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7875
- Take Profit 1: 1.7900
- Take Profit 2: 1.8100
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: 1.7400
- Take Profit 2: 1.7300
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.8200 | 1.7600 |
| 1.8100 | 1.7400 |
| 1.8000 | 1.7300 |
