Source: PaxForex Premium Analytics Portal, Technical Insight

On Thursday, the Bank of England (BoE) hiked the policy rate by 50 basis points to 4.00%. Analysts at Danske Bank expect the increasingly weak growth outlook to support a near-term ending to the hiking cycle.

GBP/CHF,D1

Pivot: 1.1170

Analysis:

While the price is above 1.1100, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1170
• Take Profit 1: 1.1400
• Take Profit 2: 1.1500

Alternative scenario:

If the level of 1.1100 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1100
• Take profit 1: 1.1000
• Take profit 2: 1.1090

Comment:

RSI shows a bullish sentiment.

Key levels: