Source: PaxForex Premium Analytics Portal, Technical Insight

The beleaguered pound was in retreat again after the UK government was slapped by stinging criticism from the International Monetary Fund over its handling of economic policy.

GBP/CAD,D1

Pivot: 1.4798

Analysis:

While the price is below 1.5000, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.4798
• Take Profit 1: 1.4500
• Take Profit 2: 1.4300

Alternative scenario:

If level 1.5000 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.5000
• Take profit 1: 1.5160
• Take Profit 2: 1.5300

Comment:

RSI shows the possibility of a downtrend in the medium term.

Key levels: