Source: PaxForex Premium Analytics Portal, Technical Insight
With the Bank of England (BoE) likely to act too cautiously and the election of a new prime minister could cause even more nervousness in the markets, the British pound will remain under pressure, economists at Commerzbank believe.
GBP/JPY,D1
Pivot: 162.41
Analysis:
As long as the price is above 161.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 162.41
- Take profit 1: 165.00
- Take Profit 2: 167.00
Alternative scenario:
If the level of 161.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 161.50
- Take profit 1: 160.00
- Take profit 2: 158.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 168.80 | 161.50 |
| 167.00 | 160.00 |
| 165.00 | 158.00 |
