Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England on Tuesday is set to become the first major central bank to sell off assets accumulated during a 13-year-old stimulus program, providing a test case for how quickly markets can shift away from easy-money policies.
GBP/CAD,D1
Pivot: 1.5601
Analysis:
While the price is above 1.5400, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5601
- Take Profit 1: 1.5800
- Take Profit 2: 1.6000
Alternative scenario:
If level 1.5400 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5400
- Take profit 1: 1.5240
- Take Profit 2: 1.5015
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6100 | 1.5400 |
| 1.6000 | 1.5240 |
| 1.5800 | 1.5015 |
