Source: PaxForex Premium Analytics Portal, Technical Insight
The pound continues to be one of the best performing currencies this year, which helped the pair rise back to 1.4000 for the first time in almost three years. However, recent British press reports suggest that the U.K. government has decided to approach easing with caution, which could slow the economic recovery at least in the second quarter, dampening optimism about the pound.
GBP/USD, 30 min
Pivot: 1.3954
Analysis:
Provided that the currency pair is traded below 1.3980, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3954
- Take Profit 1: 1.3925
- Take Profit 2: 1.3900
Alternative scenario:
In case of breakout of the level 1.3980, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3980
- Take Profit 1: 1.4000
- Take Profit 2: 1.4025
Comment:
RSI shows descending momentum during the day.
Key levels:
| Resistance | Support |
| 1.3900 | 1.3790 |
| 1.3875 | 1.3765 |
| 1.3850 | 1.3745 |
GBP/USD, D1
Pivot: 1.3970
Analysis:
While the price is above 1.3500, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3970
- Take Profit 1: 1.4000
- Take Profit 2: 1.4180
Alternative scenario:
If the level 1.3500 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3500
- Take Profit 1: 1.3280
- Take Profit 2: 1.3130
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.4560 | 1.3500 |
| 1.4280 | 1.3280 |
| 1.4000 | 1.3130 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2075 with 1.2120 and 1.2140 as Take Profit targets. Alternative scenario - if the level of 1.2075 is broken-down, you should consider selling with the targets 1.2060 and 1.2045 as Take Profit.
USD/CAD - long positions above 1.2685 with 1.2745 and 1.2770 targets as Take Profit. Alternative scenario - if the level of 11.2685 is broken-down, sell with the targets 1.2665 and 1.2645 as Take Profit.
NZD/USD – buy above 0.7186 with 0.7249 and 0.7264 targets as Take Profit. Alternative scenario - if the level 0.7186 is broken-down, sell with the TP 0.7160 and 0.7144.
