Source: PaxForex Premium Analytics Portal, Technical Insight

U.K. inflation accelerated to a 10.1% annualized rate in July, faster than expected and a new 40-year high.

GBP/CAD,D1

Pivot: 1.5549

Analysis:

While the price is below 1.5680, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.5549
• Take Profit 1: 1.5340
• Take Profit 2: 1.5200

Alternative scenario:

If level 1.5680 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.5680
• Take profit 1: 1.5810
• Take Profit 2: 1.5940

Comment:

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

Key levels: