Source: PaxForex Premium Analytics Portal, Technical Insight
A softer UK inflation outlook triggered the rate cut expectation from the BoE.
Pivot: 1.7418
Analysis:
While the price is above 1.7200, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7418
- Take Profit 1: 1.7500
- Take Profit 2: 1.7600
Alternative scenario:
If level 1.7200 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.7200
- Take profit 1: 1.7100
- Take Profit 2: 1.7000
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7700 | 1.7200 |
| 1.7600 | 1.7100 |
| 1.7500 | 1.7000 |
