To open long positions on GBP/USD, you need:
Buyers of the pound coped with the morning task and reached the resistance of 1.2697. At the North American session, their task will be to break this range with the subsequent update of the maximum of 1.2744, where I recommend fixing the profit. When the pound is lowered again in the second half of the day, it is best to look at long positions after a false breakout in the area of 1.2644 or a rebound from the minimum of 1.2594.
To open short positions on GBP/USD, you need:
Sellers of the pound will count on the formation of a false breakout in the resistance area of 1.2697, which will be the first signal to open short positions in order to reduce to the support of 1.2644, which was formed today in the morning. The main task of the bears is to consolidate under this level, which will lead to the demolition of a number of stop orders of buyers and a larger decrease in GBP/USD in the area of the minimum 1.2594, where I recommend fixing the profits. In a growth scenario above 1.2697, the resistance range of 1.2744 will be an acceptable area for short positions.
Indicator signals:
Moving Averages
Trading is conducted above 30 and 50 moving averages, which indicates the preservation of the upward correction.
Bollinger Bands
The volatility of the indicator has fallen, which does not give signals on entering the market.
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
