Source: PaxForex Premium Analytics Portal, Technical Insight

Pound Sterling remains on backfoot on firm BoE rate cut hopes.

Pivot: 1.7149

Analysis:

While the price is above 1.6900, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.7149
• 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: