Source: PaxForex Premium Analytics Portal, Technical Insight
The pound rallied across the board on Tuesday, fuelled by the market enthusiasm about the victory of Rishi Sunak in the Tory race to Downing Street.
GBP/JPY,D1
Pivot: 169.72
Analysis:
As long as the price is above 166.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 169.72
- 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: 165.50
- 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 |
