Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England (BoE) is still torn between a weak economic growth forecast and near-record inflation. TD Securities economists have revised their forecast for the bank rate and now expect it to rise sharply in the near term. This will be followed by a decline once the link between wages and prices is cut.
GBP/CAD,D1
Pivot: 1.5289
Analysis:
While the price is below 1.5680, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5289
- Take Profit 1: 1.5200
- Take Profit 2: 1.5100
Alternative scenario:
If level 1.5680 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5680
- Take profit 1: 1.5810
- Take Profit 2: 1.5940
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.5940 | 1.5200 |
| 1.5810 | 1.5100 |
| 1.5680 | 1.5000 |
