To open long positions on GBP / USD you need:
In the morning, pound buyers need to consolidate above the resistance of 1.2946. Only after that can we expect the resumption of an upward correction with an update of targets in the area of 1.2983 and 1.3017, where I recommend to lock in the profit. If the pound decreases, in the absence of important fundamental statistics, support will be provided at 1.2905, however, long positions can be opened from it only if there is a false breakdown. To buy for a rebound would be best done from the bottom of the side channel of 1.2866.
To open short positions on GBP/USD you need:
The bears will expect unsuccessful consolidation in the first half of the day above the resistance of 1.2946, which will lead to the formation of a small wave of pressure on the pound and a return to the area of the middle of the side channel of 1.2905, a break below which will be the main target of sellers. Only after that can we expect the return of GBP/USD to the area of the monthly low. In case of growth above 1.2946, GBP/USD can be sold to rebound from a high of 1.2983.
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger bands
In case the pound decreases, support may be provided by the lower limit of the indicator in the area of 1.2915.
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
