Source: PaxForex Premium Analytics Portal, Technical Insight

While the pound didn't show many signs of reaction to today's budget announcement by Chancellor Hunt, UK stocks took a further dive with the FTSE100 reaching the lowest level since December 2022.

GBP/CAD,D1

Pivot: 1.6604

Analysis:

While the price is above 1.6407, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.6604
• Take Profit 1: 1.6700
• Take Profit 2: 1.6850

Alternative scenario:

If level 1.6407 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.6407
• Take profit 1: 1.6235
• Take Profit 2: 1.6085

Comment:

RSI shows the possibility of an uptrend in the medium term.

Key levels: