Source: PaxForex Premium Analytics Portal, Technical Insight

Bank of England, Broadbent: commodities prices are likely to lower inflation in two years.

GBP/USD,D1

Pivot: 1.3599

Analysis:

While the price is below 1.3960, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.3599
• Take Profit 1: 1.3540
• Take Profit 2: 1.3430

Alternative scenario:

If the level 1.3960 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.3960
• Take Profit 1: 1.4090
• Take Profit 2: 1.4240

Comment:

RSI shows the development of a downtrend in the medium term.

Key levels: