Source: PaxForex Premium Analytics Portal, Technical Insight
The UK economy contracted by 0.3% on the quarter in the three months to September of 2022 vs. -0.2% prior, the final revision confirmed on Thursday. The market expected a reading of -0.2% in the reported period.
GBP/CAD,D1
Pivot: 1.6469
Analysis:
While the price is above 1.6360, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6469
- Take Profit 1: 1.6700
- Take Profit 2: 1.6850
Alternative scenario:
If level 1.6360 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6360
- Take profit 1: 1.6085
- Take Profit 2: 1.5820
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6900 | 1.6360 |
| 1.6850 | 1.6085 |
| 1.6700 | 1.5820 |
