To open long positions on the GBP / USD pair, you need:
Today is expected to yield data on the UK economy, which may return to the market of sellers. However, while the trade is conducted above the middle of the channel 1.2646, the demand for the British pound will continue and the main task will be the breakout and consolidation above the resistance of 1.2707, the uptrend will resume and lead to new highs in the 1.2755 and 1.2810 area, where I recommend taking profits. Under the scenario of reducing theGBP/USD pair, the GDP data below support of 1.2646, you can take a closer look at long positions from the lows of 1.2592 and 1.2556.
To open short positions on the GBP / USD pair, you need:
Short positions in the pound are best sought after the unsuccessful fixing above the resistance of 1.2707, as it was yesterday. A weak report on the state of the economy can lead to a repeated test and a breakdown of support at 1.2646, which will increase the pressure on GBP / USD and derail the pair to a minimum in the area of 1.2592 and 1.2556, where I recommend taking profits. In the case of a pound rising above 1.2707, which is unlikely, short positions can be opened immediately to rebound from a new weekly high of 1.2755.
Indicator signals:
Moving averages
Trade is conducted just above the 30- and 50-day moving average, with a short-term advantage of buyers of the British pound.
Bollinger bands
Bollinger Bands indicator volatility has decreased, which does not give signals on market entry. Only a breakthrough of the lower boundary of the indicator in the 1.2640 area can lead to a large sale of the pound.
More details about the forecast can be found in the video review.
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
