Source: PaxForex Premium Analytics Portal, Technical Insight
According to a Financial Times (FT) survey of economists and traders, the Bank of England is unlikely to hike interest rates this month as uncertainty over the new coronavirus strain has increased.
GBP/JPY,D1
Pivot: 150.32
Analysis:
As long as price is below 154.56 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 150.32
- Take profit 1: 148.94
- Take Profit 2: 146.00
Alternative scenario:
If the level of 154.56 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 154.56
- Take profit 1: 158.29
- Take profit 2: 160.52
Comment:
RSI indicates the potential for downtrend in the medium term.
Key levels:
| Resistance | Support |
| 160.52 | 148.94 |
| 158.29 | 146.00 |
| 154.56 | 143.80 |
