Source: PaxForex Premium Analytics Portal, Technical Insight
FX traders pounded the Sterling, the British currency, after the Bank of England raised rates by 75 basis points to 3% as expected but warned that it expected a recession in the UK to last for all of 2023.
GBP/CHF,D1
Pivot: 1.1328
Analysis:
While the price is above 1.1200, follow the recommendations below:
- me frame: D1
- Recommendation: long position
- Entry point: 1.1328
- Take Profit 1: 1.1600
- Take Profit 2: 1.1965
Alternative scenario:
If the level of 1.1200 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1200
- Take profit 1: 1.0900
- Take profit 2: 1.0600
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 1.2000 | 1.1200 |
| 1.1965 | 1.0900 |
| 1.1600 | 1.0600 |
