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: