Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England will lift the Bank Rate by 50 basis points on Feb. 2 to 4.00% and then add another 25 basis points in March before pausing, according to a Reuters poll of economists who said the greater risk was that it would do even more.
GBP/CAD,D1
Pivot: 1.6640
Analysis:
While the price is above 1.6300, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6603
- Take Profit 1: 1.6850
- Take Profit 2: 1.7000
Alternative scenario:
If level 1.6300 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6300
- 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 |
| 1.7100 | 1.6300 |
| 1.7000 | 1.6085 |
| 1.6850 | 1.5820 |
