Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England (BoE) is likely to shy away from an aggressive interest rate hike in August and instead stick with a more modest 25 basis point increase, but the odds of both outcomes are almost equal, according to the latest Reuters poll of economists.
GBP/CHF,D1
Pivot: 1.1603
Analysis:
While the price is below 1.1750, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1603
- Take Profit 1: 1.1500
- Take Profit 2: 1.1400
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:
| Resistance | Support |
| 1.2000 | 1.1500 |
| 1.1860 | 1.1400 |
| 1.1750 | 1.1350 |
