Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England used its monetary policy report hearing to once more push back against market expectations on rate cuts next year.
Pivot: 186.42
Analysis:
As long as the price is above 186.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 186.42
- Take profit 1: 188.50
- Take Profit 2: 190.00
Alternative scenario:
If the level of 186.00 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 186.00
- Take profit 1: 184.50
- Take profit 2: 183.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 191.50 | 186.00 |
| 190.00 | 184.50 |
| 188.50 | 183.00 |
