Source: PaxForex Premium Analytics Portal, Technical Insight
The Pound Sterling (GBP) is looking for a break above the immediate resistance as the United Kingdom’s government looking beyond monetary tools to bring down stubborn inflation.
GBP/JPY,D1
Pivot: 183.22
Analysis:
As long as the price is above 177.50 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 183.22
- Take profit 1: 184.00
- Take Profit 2: 186.00
Alternative scenario:
If the level of 177.50 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 177.50
- Take profit 1: 176.00
- Take profit 2: 174.60
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 188.00 | 177.50 |
| 186.00 | 176.00 |
| 184.00 | 174.60 |
