Source: PaxForex Premium Analytics Portal, Technical Insight
The Bank of England meets next week and inflation is remaining a serious problem. Short-term interest rate markets are pricing in a 99% chance of a 25bps rate hike on May 10 after the latest inflation data.
GBP/CAD,D1
Pivot: 1.6997
Analysis:
While the price is above 1.6870, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.6997
- Take Profit 1: 1.7100
- Take Profit 2: 1.7250
Alternative scenario:
If level 1.6870 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.6870
- Take profit 1: 1.6790
- Take Profit 2: 1.6690
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.7600 | 1.6870 |
| 1.7250 | 1.6790 |
| 1.7100 | 1.6690 |
