Source: PaxForex Premium Analytics Portal, Technical Insight
Deputy Governor of the Bank of England Broadbent: the central bank's easing bias has weakened:
- We need clear signs of a sustained recovery in inflation towards the target level before we start to tighten policy;
- The downside risks have become less pronounced.
GBP/USD, 30 min
Pivot: 1.4019
Analysis:
Provided that the currency pair is traded above 1.3990, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.4019
- Take Profit 1: 1.4045
- Take Profit 2: 1.4070
Alternative scenario:
In case of breakdown of the level 1.3990, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3990
- Take Profit 1: 1.3970
- Take Profit 2: 1.3950
Comment:
RSI shows ascending momentum during the day.
Key levels:
| Resistance | Support |
| 1.4100 | 1.3990 |
| 1.4070 | 1.3970 |
| 1.4045 | 1.3950 |
GBP/USD, D1
Pivot: 1.4025
Analysis:
While the price is above 1.3795, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4025
- Take Profit 1: 1.4160
- Take Profit 2: 1.4290
Alternative scenario:
If the level 1.3795 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3795
- Take Profit 1: 1.3670
- Take Profit 2: 1.3560
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.4380 | 1.3795 |
| 1.4290 | 1.3670 |
| 1.4160 | 1.3560 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2130 with 1.2200 and 1.2220 as Take Profit targets. Alternative scenario - if the level of 1.2130 is broken-down, you should consider selling with the targets 1.2110 and 1.2090 as Take Profit.
USD/CAD - short positions below 1.2160 with 1.2055 and 1.2030 targets as Take Profit. Alternative scenario - if the level of 1.2160 is broken-out, buy with the targets 1.2190 and 1.2220 as Take Profit.
NZD/USD – sell below 0.7298 with 0.7222 and 0.7207 targets as Take Profit. Alternative scenario - if the level 0.7298 is broken-out, buy with the TP 0.7324 and 0.7340.
