Source: PaxForex Premium Analytics Portal, Technical Insight

Chief Economist of the Bank of England Haldane said that economic activity in Britain has declined sharply and, besides, there is an unprecedented low activity in the labor market. 

GBP/USD, 30 min

Pivot: 1.2688

Analysis:

Provided that the currency pair is traded above 1.2675, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2688
• Take Profit 1: 1.2755
• Take Profit 2: 1.2785

Alternative scenario: 

In case of breakdown of the level 1.2675, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2675
• Take Profit 1: 1.2645
• Take Profit 2: 1.2615

Comment:

RSI shows continuation of uptrend during the day.

Key levels:

GBP/USD, D1

Pivot: 1.2709

Analysis:

While the price is above 1.2335, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2709
• Take Profit 1: 1.2870
• Take Profit 2: 1.3200

Alternative scenario:

If the level 1.2335 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 1.2335
• Take Profit 1: 1.2065
• Take Profit 2: 1.1830

Comment:

RSI indicates that the uptrend continues in the medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – sell below 0.7035 with 0.6960 and 0.6925 as Take Profit targets. Alternative scenario - if the level of 0.7035 is broken-out, you should consider buying with the targets 0.7070 and 0.7100 as Take Profit.
USD/CAD - short positions below 1.3435 with 1.3355 and 1.3310 targets as Take Profit. Alternative scenario - if the level of 1.3435 is broken-out, buy with the targets 1.3465 and 1.3500 as Take Profit.
EUR/USD – sell below 1.1320 with 1.1230 and 1.1195 targets as Take Profit. Alternative scenario - if the level 1.1320 is broken-out, buy with the TP 1.1345 and 1.1365.