Source: PaxForex Premium Analytics Portal, Technical Insight
Data released on Wednesday showed that Britain’s economy unexpectedly contracted in August, but economists still expect the BoE to continue to raise interest rates, in fighting the red-hot inflation, with wide expectations for 0.75% hike and 1% raise also being on the table.
GBP/CHF,D1
Pivot: 1.1339
Analysis:
While the price is above 1.0900, follow the recommendations below:
- me frame: D1
- Recommendation: long position
- Entry point: 1.1339
- Take Profit 1: 1.1400
- Take Profit 2: 1.1600
Alternative scenario:
If the level of 1.0900 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.0900
- Take profit 1: 1.0600
- Take profit 2: 1.0400
Comment:
RSI shows a bullish sentiment.
Key levels:
| Resistance | Support |
| 1.1700 | 1.0900 |
| 1.1600 | 1.0600 |
| 1.1400 | 1.0400 |
