Morning Insights 20th July

Simon Alagbe

Analyst


Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.25772 with take profit at 1.26122.

Alternative scenario: Sell position is envisaged if price trades below 1.25473 with take profit at 1.25129.

Fundamentals:

No major economic data with bearing on the pair

Comment: The pair is surging northward as sentiment on the second wave of infection in the US fueled concern and weakened the Greenback. The bullish momentum is envisaged to continue once the key resistance on the hourly timeframe is upturned.





Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.14846 with take profit at 1.15352.

Alternative scenario: Sell position is envisaged if price trades below 1.14260 with take profit at 1.13794.

Fundamentals:

EU Economic Summit (EUR) All-day

Comment: The pair is currently trading on an upward channel on the daily chart supporting the possibility of advancement this week. The common currency is supported by optimism on a potential agreement for a massive recovery fund for the region with reports suggesting all parties are now in support of the fund.




    

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