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: