Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) extends its losing spell as investors foresee the United Kingdom economy shifting into a recession due to deteriorating labor market conditions and a poor demand outlook.
Pivot: 1.6392
Analysis:
While the price is below 1.6580, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6392
- Take Profit 1: 1.6300
- Take Profit 2: 1.6200
Alternative scenario:
If level 1.6580 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6580
- Take profit 1: 1.6690
- Take Profit 2: 1.6800
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6800 | 1.6300 |
| 1.6690 | 1.6200 |
| 1.6580 | 1.6100 |
