Source: PaxForex Premium Analytics Portal, Technical Insight
As it was stated by the Chief Economist of the Bank of England A. Haldane:
Economic activity in the country has been recovering for 3 months.
The economy hit rock bottom around mid-April.
For the time being, he still believes that the form of recovery is V-shaped.
The economy is probably growing at an average rate of 1% per week.
The economy's already won back about half the drawdown.
GBP/USD, 30 min
Pivot: 1.2658
Analysis:
Provided that the currency pair is traded above 1.2645, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2658
- Take Profit 1: 1.2700
- Take Profit 2: 1.2720
Alternative scenario:
In case of breakdown of the level 1.2645, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2645
- Take Profit 1: 1.2620
- Take Profit 2: 1.2600
Comment:
RSI shows ascending momentum during the day.
Key levels:
Resistance | Support |
1.2750 | 1.2645 |
1.2720 | 1.2620 |
1.2700 | 1.2600 |
GBP/USD, D1
Pivot: 1.2571
Analysis:
While the price is above 1.2400, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2571
- Take Profit 1: 1.2815
- Take Profit 2: 1.2980
Alternative scenario:
If the level 1.2400 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2400
- Take Profit 1: 1.2245
- Take Profit 2: 1.2060
Comment:
RSI indicates that the uptrend continues in the medium term.
Key levels:
Resistance | Support |
1.3205 | 1.2400 |
1.2980 | 1.2245 |
1.2815 | 1.2060 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
USD/JPY – buy above 107.05 with 107.55 and 107.70 as Take Profit targets. Alternative scenario - if the level of 107.05 is broken-down, you should consider selling with the targets 106.90 and 106.75 as Take Profit.
USD/CAD - short positions below 1.3540 with 1.3500 and 1.3485 targets as Take Profit. Alternative scenario - if the level of 1.3540 is broken-out, buy with the targets 1.3560 and 1.3575 as Take Profit.
EUR/USD – sell below 1.1470 with 1.1400 and 1.1375 targets as Take Profit. Alternative scenario - if the level 1.1470 is broken-out, buy with the TP 1.1485 and 1.1500.