Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of England, Bailey: we are not yet close to talking about using negative rates:
- It's useful to have a tool like negative rates on hand;
- QE works best when markets are relaxed.
GBP/USD, 30 min
Pivot: 1.4183
Analysis:
Provided that the currency pair is traded below 1.4200, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.4183
- Take Profit 1: 1.4175
- Take Profit 2: 1.4160
Alternative scenario:
In case of breakout of the level 1.4200, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.4200
- Take Profit 1: 1.4220
- Take Profit 2: 1.4240
Comment:
RSI shows descending momentum during the day.
Key levels:
Resistance | Support |
1.4240 | 1.4175 |
1.4220 | 1.4160 |
1.4200 | 1.4145 |
GBP/USD, D1
Pivot: 1.4101
Analysis:
While the price is above 1.3950, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4101
- Take Profit 1: 1.4380
- Take Profit 2: 1.4500
Alternative scenario:
If the level 1.3950 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3950
- Take Profit 1: 1.3800
- Take Profit 2: 1.3670
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
Resistance | Support |
1.4550 | 1.3950 |
1.4500 | 1.3800 |
1.4380 | 1.3670 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.2210 with 1.2250 and 1.2275 as Take Profit targets. Alternative scenario - if the level of 1.2210 is broken-down, you should consider selling with the targets 1.2195 and 1.2180 as Take Profit.
USD/CAD - long positions above 1.2050 with 1.2120 and 1.2135 targets as Take Profit. Alternative scenario - if the level of 1.2050 is broken-down, sell with the targets 1.2030 and 1.2010 as Take Profit.
NZD/USD – sell below 0.7259 with 0.7172 and 0.7153 targets as Take Profit. Alternative scenario - if the level 0.7259 is broken-out, buy with the TP 0.7291 and 0.7309.