Source: PaxForex Premium Analytics Portal, Technical Insight
All eyes will be on the BOE today as the bank will announce its monetary policy decision. The interest rate range, which traders expect, is between 50 to 75 basis points.
GBP/CAD,D1
Pivot: 1.5169
Analysis:
While the price is below 1.5350, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5169
- Take Profit 1: 1.5000
- Take Profit 2: 1.4900
Alternative scenario:
If level 1.5350 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5350
- Take profit 1: 1.5500
- Take Profit 2: 1.5650
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.5650 | 1.5000 |
| 1.5500 | 1.4900 |
| 1.5350 | 1.4800 |
