Trading Analysis of GBP/CAD
Daily Trading Analysis 01.02.2024
The Bank of England is set to hold its policy rate for a fourth meeting in a row on “Super Thursday.” It will be the UK central bank’s first policy meeting of 2024, and it is expected to set the direction for the Pound Sterling market in the months to come.
Analysis:
While the price is above 1.7000, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.7018
Take Profit 1: 1.7300
Take Profit 2: 1.7400
Alternative scenario:
If level 1.7000 is broken-down, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.7000
Take profit 1: 1.6900
Take Profit 2: 1.6800