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:

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:

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.