Trading Analysis of GBP/USD- GBP/USD rising to 1.4200 on statements by the Bank of England’s chief economist.
Our Analysis:
While the price is above 1.3970, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 1.4185
Take Profit 1: 1.4240
Take Profit 2: 1.4380
Alternative scenario:
If level 1.3970 is broken down, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.3970
Take Profit 1: 1.3800
Take Profit 2: 1.3670
Source: PAXFOREX broker
Trading Analysis of GBP/USD Intraday: the downside prevails.
Pivot:
1.4140
Our preference:
Short positions below 1.4140 with targets at 1.4080 & 1.4060 in extension.
Alternative scenario:
Above 1.4140 look for further upside with 1.4160 & 1.4190 as targets.
Comment:
The RSI is mixed to bearish.
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Weltrade is a forex broker providing traders with access to the international currency market.WElTRADE Forex Broker employs 50 professionals with extensive international experience in finance and Internet technologies.WELTRADE is an international company with 15 years of FX market and online trading experience. It was established in 2006 by a group of professionals with a common interest in international finance and IT. Their mission is to provide transparent and secure Forex trading available to anyone.
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