Source: PaxForex Premium Analytics Portal, Technical Insight
The BoE is expected to cut interest rates at its November meeting on Thursday.
Pivot: 197.99
Analysis:
As long as the price is above 195.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 197.99
- Take profit 1: 201.00
- Take Profit 2: 204.00
Alternative scenario:
If the level of 195.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 195.00
- Take profit 1: 192.00
- Take profit 2: 190.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 206.00 | 195.00 |
| 204.00 | 192.00 |
| 201.00 | 190.00 |
