To open long positions for GBP/USD, it is required:
You can buy the pound only if it breaks and consolidate above 1.3292, which was not possible in the first half of the day, which will form a new upward wave with a resistance test of 1.3336, where I recommend to lock in profit. In case the pound declines in the afternoon, purchases will be relevant for a false breakout in the support area of 1.3243 or on a rebound from 1.3202.
To open short positions for GBP/USD, it is required:
The sellers played an unsuccessful steadying above 1.3292, which I recommended to pay attention to in the morning review. A second return to this level could lead to a new wave of growth, and therefore it is better to consider new short positions on the rebound from 1.3336. If the bears do not let the pound above 1.3292 and in the second half of the day, making another false breakdown, we can expect a decline in the test of the middle of the channel of 1.3243, below which the pair can quickly collapse into the area of the month's lows of 1.3202 and 1.3146, where I recommend profit taking.
Indicator description
- Moving Average (average sliding) 50 days - yellow
- Moving Average (average sliding) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA
- Bollinger Bands 20
