Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England is preparing to further raise interest rates over concerns that inflation could become embedded in the British economy, despite the growing risks of a prolonged recession, its chief economist has warned.
GBP/JPY,D1
Pivot: 168.19
Analysis:
As long as the price is above 166.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 168.19
- Take profit 1: 171.00
- Take Profit 2: 173.00
Alternative scenario:
If the level of 166.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 166.50
- Take profit 1: 165.00
- Take profit 2: 163.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 175.00 | 166.50 |
| 173.00 | 165.00 |
| 171.00 | 163.00 |
