Source: PaxForex Premium Analytics Portal, Technical Insight
Bank of England, Haskell: The vaccine is a light at the end of the tunnel:
We note the long-term impact of COVID-19 on the economy;
It is too early to tell if the vaccine will be able to improve the Bank of England GDP forecast for 2021;
If the economy recovers with the help of the vaccine, Brexit`s impact may be long term;
We still have enough policy tools.
GBP/USD, 30 min
Pivot: 1.3358
Analysis:
Provided that the currency pair is traded above 1.3335, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3358
- Take Profit 1: 1.3380
- Take Profit 2: 1.3400
Alternative scenario:
In case of breakdown of the level 1.3335, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3335
- Take Profit 1: 1.3310
- Take Profit 2: 1.3290
Comment:
RSI shows an ascending momentum during the day.
Key levels:
| Resistance | Support |
| 1.3430 | 1.3335 |
| 1.3400 | 1.3310 |
| 1.3380 | 1.3290 |
GBP/USD, D1
Pivot: 1.3333
Analysis:
While the price is above 1.2865, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3333
- Take Profit 1: 1.3480
- Take Profit 2: 1.3710
Alternative scenario:
If the level 1.2865 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2865
- Take Profit 1: 1.2675
- Take Profit 2: 1.2480
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.3850 | 1.2865 |
| 1.3710 | 1.2675 |
| 1.3480 | 1.2480 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – buy above 1.1870 with 1.1935 and 1.1970 targets as Take Profit. Alternative scenario - if the level 1.1870 is broken-down, sell with the TP 1.1840 and 1.1815.
USD/CAD - short positions below 1.3030 with 1.2960 and 1.2930 targets as Take Profit. Alternative scenario - if the level of 1.3040 is broken-out, buy with the targets 1.3055 and 1.3080 as Take Profit.
NZD/USD – buy above 0.6954 with 0.7039 and 0.7056 as Take Profit targets. Alternative scenario - if the level of 0.6954 is broken-down, you should consider selling with the targets 0.6925 and 0.6907 as Take Profit.
