Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England is likely to raise its key rate by another 25bp to 1.25%, although an unexpected 50bp increase cannot be ruled out if the central bank prioritizes controlling inflation.
GBP/CAD,D1
Pivot: 1.5668
Analysis:
While the price is below 1.5790, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5668
- Take Profit 1: 1.5500
- Take Profit 2: 1.5350
Alternative scenario:
If the level 1.5790 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5790
- Take profit 1: 1.6000
- Take Profit 2: 1.6200
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6200 | 1.5500 |
| 1.6000 | 1.5350 |
| 1.5790 | 1.5100 |
