Source: PaxForex Premium Analytics Portal, Technical Insight
Reuters reports comments of the Bank of England's Vlieghe:
- It is not clear yet, whether negative rates can be lowered even more;
- If the economy needs more stimulus, negative rates can be used;
- Whether QE expansion will be needed depends on market conditions;
- Will not be a member of the МРС when the Bank of England decides to raise rates.
GBP/USD, 30 min
Pivot: 1.4188
Analysis:
Provided that the currency pair is traded below 1.4215, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.4188
- Take Profit 1: 1.4170
- Take Profit 2: 1.4150
Alternative scenario:
In case of breakout of the level 1.4215, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.4215
- Take Profit 1: 1.4235
- Take Profit 2: 1.4260
Comment:
RSI shows descending momentum during the day.
Key levels:
| Resistance | Support |
| 1.4260 | 1.4170 |
| 1.4235 | 1.4150 |
| 1.4215 | 1.4130 |
GBP/USD, D1
Pivot: 1.4154
Analysis:
While the price is above 1.3950, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.4154
- Take Profit 1: 1.4380
- Take Profit 2: 1.4500
Alternative scenario:
If the level 1.3950 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3950
- Take Profit 1: 1.3800
- Take Profit 2: 1.3670
Comment:
RSI indicates that an uptrend continues in the medium term.
Key levels:
| Resistance | Support |
| 1.4550 | 1.3950 |
| 1.4500 | 1.3800 |
| 1.4380 | 1.3670 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2200 with 1.2160 and 1.2145 as Take Profit targets. Alternative scenario - if the level of 1.2210 is broken-down, you should consider buying with the targets 1.2215 and 1.2230 as Take Profit.
USD/CAD - short positions below 1.2095 with 1.2040 and 1.2025 targets as Take Profit. Alternative scenario - if the level of 1.2095 is broken-out, buy with the targets 1.2120 and 1.2140 as Take Profit.
NZD/USD – sell below 0.7297 with 0.7207 and 0.7188 targets as Take Profit. Alternative scenario - if the level 0.7297 is broken-out, buy with the TP 0.7329 and 0.7348.
