Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England's updated macro forecast now reflects a negative GDP trajectory in 2023, with the bank now assuming a -0.25% fall, rather than the 1.25% fall previously. A key factor in the worsening growth trajectory is the most aggressive correction in real household disposable income in recorded history.
GBP/CHF,D1
Pivot: 1.2201
Analysis:
While the price is below 1.2275, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2239
- Take Profit 1: 1.2100
- Take Profit 2: 1.1980
Alternative scenario:
If the level 1.2275 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2275
- Take profit 1: 1.2400
- Take profit 2: 1.2500
Comment:
RSI shows a bearish sentiment.
Key levels:
| Resistance | Support |
| 1.2500 | 1.2100 |
| 1.2400 | 1.1980 |
| 1.2275 | 1.1830 |
