Source: PaxForex Premium Analytics Portal, Technical Insight
Markets take hope from the Bank of Canada after the slower rate hike, while the delay to the Sunak/Hunt fiscal plan does little to dampen GBP gains.
GBP/CAD,D1
Pivot: 1.5740
Analysis:
While the price is above 1.5400, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.5740
- Take Profit 1: 1.5800
- Take Profit 2: 1.6000
Alternative scenario:
If level 1.5400 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.5400
- Take profit 1: 1.5240
- Take Profit 2: 1.5015
Comment:
RSI shows the possibility of an uptrend in the medium term.
Key levels:
| Resistance | Support |
| 1.6100 | 1.5400 |
| 1.6000 | 1.5240 |
| 1.5800 | 1.5015 |
