Source: PaxForex Premium Analytics Portal, Technical Insight
Ramsden, Bank of England: some further tightening is likely to be needed in the near term.
GBP/JPY,D1
Pivot: 156.29
Analysis:
As long as price is above 153.59 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 156.29
- Take profit 1: 157.88
- Take Profit 2: 160.63
Alternative scenario:
If the level of 153.59 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 153.59
- Take profit 1: 150.48
- Take profit 2: 148.63
Comment:
RSI indicates the potential for uptrend in the medium term.
Key levels:
| Resistance | Support |
| 162.49 | 153.59 |
| 160.63 | 150.48 |
| 157.88 | 148.63 |
