Source: PaxForex Premium Analytics Portal, Technical Insight

As it was stated by the Chief Economist of the Bank of England A. Haldane:

1. Economic activity in the country has been recovering for 3 months.

2. The economy hit rock bottom around mid-April.

3. For the time being, he still believes that the form of recovery is V-shaped.

4. The economy is probably growing at an average rate of 1% per week.

5. 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:

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:

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.