Source: PaxForex Premium Analytics Portal, Technical Insight
The portion of the UK inflation data showed that the problem is in no hurry to recede. The consumer price index returned to 10.1% y/y, changing hopes that the trend had already reversed. The retail price index is climbing further upwards, reaching 12.6%. The contribution of food to inflation has already exceeded the impact of transport costs.
GBP/CAD,D1
Pivot: 1.5443
Analysis:
While the price is above 1.5200, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5443
- Take Profit 1: 1.5565
- Take Profit 2: 1.5785
Alternative scenario:
If level 1.5200 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5200
- Take profit 1: 1.5015
- Take Profit 2: 1.4660
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.5825 | 1.5200 |
| 1.5785 | 1.5015 |
| 1.5565 | 1.4660 |
