Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling gains traction after the latest labor market data showed unemployment across the UK has dropped unexpectedly in the three months to June.
Pivot: 188.51
Analysis:
As long as the price is below 190.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 188.51
- Take profit 1: 184.00
- Take Profit 2: 180.00
Alternative scenario:
If the level of 190.00 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 190.00
- Take profit 1: 192.00
- Take profit 2: 194.00
Comment:
RSI indicates the potential for a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 194.00 | 184.00 |
| 192.00 | 180.00 |
| 190.00 | 178.00 |
