Source: PaxForex Premium Analytics Portal, Technical Insight
The BoE will likely deliver a 25 basis points (bps) rate hike, raising the key policy rate from 4.0% to 4.25%. It will be the eleventh straight hike and probably the final one before the central bank adopts a wait-and-see approach.
GBP/CAD,D1
Pivot: 1.6850
Analysis:
While the price is above 1.6550, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6850
- 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 |