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:

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:

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.