Source: PaxForex Premium Analytics Portal, Technical Insight
A monthly survey conducted by Citi and YouGov revealed on Wednesday that the British public's inflation expectations for 12 months ahead declined to 5.7% in December from 6.1% in the previous survey, as reported by Reuters.
GBP/CAD,D1
Pivot: 1.6245
Analysis:
While the price is below 1.6500, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6245
- Take Profit 1: 1.6085
- Take Profit 2: 1.5820
Alternative scenario:
If level 1.6500 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6500
- Take profit 1: 1.6700
- Take Profit 2: 1.6850
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6850 | 1.6085 |
| 1.6700 | 1.5820 |
| 1.6500 | 1.5700 |
