Source: PaxForex Premium Analytics Portal, Technical Insight
UK economists expect just one more quarter-point rate hike from the Bank of England even though inflation is stuck in double digits and investors are bracing for a round of increases lasting through the summer.
GBP/CAD,D1
Pivot: 1.1708
Analysis:
While the price is above 1.6870, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.7108
- Take Profit 1: 1.7150
- Take Profit 2: 1.7250
Alternative scenario:
If level 1.6870 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6870
- Take profit 1: 1.6790
- Take Profit 2: 1.6690
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7300 | 1.6870 |
| 1.7250 | 1.6790 |
| 1.7150 | 1.6690 |
