Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England is warning the country is on the precipice of the longest recession in a century, as it pushed through the largest interest rate hike since 1989. In announcing the 0.75% rate change to bring the current bank rate to 3%, the committee that sets monetary policy in the U.K. acknowledged they’re facing a “very challenging outlook.
GBP/CHF,D1
Pivot: 1.1279
Analysis:
While the price is above 1.1200, follow the recommendations below:
- me frame: D1
- Recommendation: long position
- Entry point: 1.1279
- 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 |
