Instrument: GBPCAD
Bullish Preference:
A buy position is envisaged if the price trades above 1.69487 with take profit at 1.69823
Bearish Preference:
A sell position is envisaged if the price trades below 1.68666 with take profit at 1.68291
Fundamentals:
No high-impact news
Comment:
All major sectors of the economy – services, manufacturing and construction – declined in July, the data showed. The Bank of England is still widely expected to add to the 14 rate hikes since late 2021 when its policymakers meet next week, lifting interest rates to 5.5% from 5.25%. The economy has not entered recession as feared, wage growth shows few signs of slowing, and official statisticians have sharply upgraded data to show the U.K. recovered earlier from COVID-19 than previously thought.
Analysis: SCRUM Team