Source: PaxForex Premium Analytics Portal, Technical Insight
Broader markets are likely still in hawkish shock after the hotter-than-hot UK CPI as it wasn’t so long ago Governor Bailey struck an optimistic tone on the UK's inflation path and hinted that its interest rate hiking cycle might soon end.
GBP/CAD,D1
Pivot: 1.6751
Analysis:
While the price is above 1.6550, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6751
- Take Profit 1: 1.6900
- Take Profit 2: 1.7100
Alternative scenario:
If level 1.6550 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6550
- Take profit 1: 1.6400
- Take Profit 2: 1.6250
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7200 | 1.6550 |
| 1.7100 | 1.6400 |
| 1.6900 | 1.6250 |
