Source: PaxForex Premium Analytics Portal, Technical Insight
Pound Sterling weakens as soft UK data backs BoE rate pause
Pivot: 1.6683
Analysis:
While the price is above 1.6580, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6683
- Take Profit 1: 1.6800
- Take Profit 2: 1.6900
Alternative scenario:
If level 1.6580 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6580
- Take profit 1: 1.6500
- Take Profit 2: 1.6400
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7000 | 1.6580 |
| 1.6900 | 1.6500 |
| 1.6800 | 1.6400 |
