Source: PaxForex Premium Analytics Portal, Technical Insight

Analysts at Commerzbank warn that while the possibility of a Bank of England rate hike supports the pound, it is already embedded in prices, so the pound's rally could start to slow down.

GBP/CAD,D1

Pivot: 1.6143

Analysis:

While the price is above 1.6772, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.7143
• Take Profit 1: 1.7250
• Take Profit 2: 1.7584

Alternative scenario:

If the level 1.6772 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.6772
• Take profit 1: 1.6408
• Take Profit 2: 1.6192

Comment:

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

Key levels: