GBP/USD | British Pound to US Dollar Trading Analysis
British Prime Minister B. Johnson, unlike his American counterpart Trump, is in no hurry to relax quarantine measures. The Times wrote about it. On Sunday in the Financial Times it was announced that in March this year it went bankrupt by 21 thousand more British companies compared to last year. Thus, the bankruptcy rate increased by 70%. Johnson told colleagues that he is cautious about the quarantine. His "main concern" is to avoid a second wave of coronavirus pandemics. He is worried that too soon the quarantine can now lead to a second wave and a new quarantine, which will seriously affect the health of the nation and the economy.
GBP/USD, 30 min
Pivot: 1.2476
Analysis:
Provided that the currency pair is traded below 1.2515, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.2476
Take Profit 1: 1.2455
Take Profit 2: 1.2430
Alternative scenario:
In case of breakout of the level 1.2515, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1.2515
Take Profit 1: 1.2540
Take Profit 2: 1.2570
Comment:
RSI shows the possibility of a descending momentum.
Key levels:
Resistance
Support
1.2570
1.2455
1.2540
1.2430
1.2515
1.2405
GBP/USD, D1
Pivot: 1.2450
Analysis:
While the price is above 1.2400, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.2400
Take Profit 1: 1.2745
Take Profit 2: 1.3285
Alternative scenario:
If the level 1.2400 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 1.2400
Take Profit 1: 1.2160
Take Profit 2: 1.1948
Comment:
Until the level of 1.2400 is broken, the uptrend remains strong.
Key levels:
Resistance
Support
1.3285
1.2400
1.3095
1.2160
1.2745
1.1949
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – sell below 1.0880 with 1.0830 and 1.0815 as Take Profit targets. Alternative scenario - if the level of 1.0880 is broken-out, you should consider buying with the targets 1.0900 and 1.0920 as Take Profit. AUD/USD - short positions below 0.6370 with 0.6330 and 0.6310 targets as Take Profit. Alternative scenario - if the level of 0.6370 is broken-out, buy with the targets 0.6385 and 0.6400 as Take Profit. USD/CAD - buy above 1.4030 with 1.4115 and 1.4160 targets as Take Profit. Alternative scenario - if the level 1.4030 is broken-down, sell with the TP 1.3995 and 1.3960.
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