Source: PaxForex Premium Analytics Portal, Technical Insight

The Bank of England looks pretty backward in terms of fighting inflation, although it is ready to tighten further despite the expected recession - Commerzbank.

GBP/CHF,D1

Pivot: 1.1401

Analysis:

While the price is below 1.1750, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1401
• Take Profit 1: 1.1300
• Take Profit 2: 1.1200

Alternative scenario:

If the level of 1.1750 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1750
• Take profit 1: 1.1860
• Take profit 2: 1.2000

Comment:

RSI shows a bearish sentiment.

Key levels: