GBP/USD | British Pound to US Dollar Trading Analysis
Investors have sought to invest in the dollar in recent weeks amid continuing economic turbulence due to the coronavirus epidemic, which has led to an influx of investments in the dollar as a "safe haven" and its deficit. But some analysts said that the dollar will continue its decline in the long run, as the Federal Reserve has weakened its monetary policy, more aggressive than other central banks.
GBP/USD, 30 min
Pivot: 1.2410
Analysis:
Provided that the currency pair is traded below 1.2435, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.2410
Take Profit 1: 1.2400
Take Profit 2: 1.2380
Alternative scenario:
In case of breakout of the level 1.2435, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1.2435
Take Profit 1: 1.2455
Take Profit 2: 1.2480
Comment:
A breakdown below 1.2400 will cause a drop to 1.2380.
Key levels:
Resistance
Support
1.2480
1.2400
1.2455
1.2380
1.2435
1.2360
GBP/USD, D1
Pivot: 1.2405
Analysis:
While the price is below 1.2745, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.2405
Take Profit 1: 1.2160
Take Profit 2: 1.1950
Alternative scenario:
If the level 1.2745 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.2745
Take Profit 1: 1.3095
Take Profit 2: 1.3285
Comment:
RSI shows a possible downtrend.
Key levels:
Resistance
Support
1.3285
1.2160
1.3095
1.1950
1.2745
1.1645
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – sell below 0.6470 with 0.6425 and 0.6400 as Take Profit targets. Alternative scenario - if the level of 0.6470 is broken-out, you should consider buying with the targets 0.6425 and 0.6520 as Take Profit. USD/CAD - long positions above 1.4015 with 1.4080 and 1. 1.4115 targets as Take Profit. Alternative scenario - if the level of 1.4015 is broken-down, sell with the targets 1.3980 and 1.3950 as Take Profit. EUR/USD – sell below 1.0840 with 1.0795 and 1.0780 targets as Take Profit. Alternative scenario - if the level 1.0840 is broken-out, buy with the TP 1.0860 and 1.0880.
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