Source: PaxForex Premium Analytics Portal, Technical Insight
The British Pound (GBP) pares earlier losses against the Japanese Yen (JPY) on Tuesday, even though data eased the pressure off the Bank of England (BoE) to keep interest rates higher.
Pivot: 187.25
Analysis:
As long as the price is above 183.00 follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 187.25
- Take profit 1: 188.50
- Take Profit 2: 190.00
Alternative scenario:
If the level of 183.00 is broken-down , follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 183.00
- Take profit 1: 182.00
- Take profit 2: 181.00
Comment:
RSI indicates the potential for an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 191.00 | 183.00 |
| 190.00 | 182.00 |
| 188.50 | 181.00 |
