Source: PaxForex Premium Analytics Portal, Technical Insight
British Prime Minister B. Johnson stated that the second wave of coronavirus must be avoided:
The schools must be reopened;
We want to see economic recovery, but it's a long way from there;
We knew the situation was complicated (commentary on the labor market report).
GBP/USD, 30 min
Pivot: 1.3020
Analysis:
Provided that the currency pair is traded below 1.3060, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3020
- Take Profit 1: 1.3010
- Take Profit 2: 1.2985
Alternative scenario:
In case of breakout of the level 1.3060, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3060
- Take Profit 1: 1.3080
- Take Profit 2: 1.3100
Comment:
RSI shows descending momentum during the day.
Key levels:
Resistance | Support |
1.3100 | 1.3010 |
1.3080 | 1.2985 |
1.3060 | 1.2960 |
GBP/USD, D1
Pivot: 1.3047
Analysis:
While the price is above 1.2760, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3047
- Take Profit 1: 1.3205
- Take Profit 2: 1.3515
Alternative scenario:
If the level 1.2760 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2760
- Take Profit 1: 1.2470
- Take Profit 2: 1.2245
Comment:
RSI indicates that the uptrend continues in the medium term.
Key levels:
Resistance | Support |
1.3700 | 1.2760 |
1.3515 | 1.2470 |
1.3205 | 1.2245 |
We also advise you to pay attention to the following currency pairs for intraday trading:
NZD/USD – sell below 0.6579 with 0.6526 and 0.6512 as Take Profit targets. Alternative scenario - if the level of 0.6579 is broken-out you should consider buying with the targets 0.6602 and 0.6615 as Take Profit.
USD/CAD - long positions above 1.3305 with 1.3380 and 1.3400 targets as Take Profit. Alternative scenario - if the level of 1.3305 is broken-down, sell with the targets 1.3270 and 1.3250 as Take Profit.
EUR/USD – sell below 1.1755 with 1.1695 and 1.1675 targets as Take Profit. Alternative scenario - if the level 1.1755 is broken-out, buy with the TP 1.1775 and 1.1800.