Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England (BoE) is expected to announce a new interest rate change that will directly affect Brits' finances. Last March, when the BoE announced its previous review of the base rate, it decided to raise it from 4 percent to 4.25 percent. This decision drove the UK's interest rate to its highest point since the early stages of the 2005 financial crisis.
GBP/CHF,D1
Pivot: 1.1157
Analysis:
While the price is below 1.1200, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1157
- Take Profit 1: 1.1075
- Take Profit 2: 1.1000
Alternative scenario:
If the level of 1.1200 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1200
- Take profit 1: 1.1285
- Take profit 2: 1.1320
Comment:
RSI shows a bearish sentiment.
Key levels:
| Resistance | Support |
| 1.1320 | 1.1075 |
| 1.1285 | 1.1000 |
| 1.1200 | 1.0950 |
