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: