Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. dollar rose Thursday as concerns over the global economic recovery, given the second wave of COVID-19 infections, prompted traders to abandon more risky assets in favor of safe haven ones.
GBP/USD, 30 min
Pivot: 1.2754
Analysis:
Provided that the currency pair is traded below 1.2775, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2754
- Take Profit 1: 1.2730
- Take Profit 2: 1.2705
Alternative scenario:
In case of breakout of the level 1.2775, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2775
- Take Profit 1: 1.2800
- Take Profit 2: 1.2825
Comment:
RSI shows descending momentum during the day.
Key levels:
Resistance | Support |
1.2825 | 1.2730 |
1.2800 | 1.2705 |
1.2775 | 1.2690 |
GBP/USD, D1
Pivot: 1.2938
Analysis:
While the price is below 1.3000, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2938
- Take Profit 1: 1.2500
- Take Profit 2: 1.2250
Alternative scenario:
If the level 1.3000 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3000
- Take Profit 1: 1.3250
- Take Profit 2: 1.3480
Comment:
RSI indicates that the downtrend continues in the medium term.
Key levels:
Resistance | Support |
1.3480 | 1.2500 |
1.3250 | 1.2250 |
1.3000 | 1.2070 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.1685 with 1.1650 and 1.1625 targets as Take Profit. Alternative scenario - if the level 1.1685 is broken-out, buy with the TP 1.1700 and 1.1720.
USD/CAD - short positions below 1.3375 with 1.3115 and 1.3100 targets as Take Profit. Alternative scenario - if the level of 1.3375 is broken-out, buy with the targets 1.3415 and 1.3450 as Take Profit.
NZD/USD – buy above 0.6526 with 0.6594 and 0.6611 as Take Profit targets. Alternative scenario - if the level of 0.6526 is broken-down, you should consider selling with the targets 0.6497 and 0.6480 as Take Profit.