To open long positions on GBP/USD, you need:
From a technical point of view, nothing has changed. Pound buyers, although counting on continued growth, but this will be extremely difficult to do. The problem remains the resistance of 1.2343, and only its break will provide a larger upward trend n the area of 1.2387 and 1.2427, where I recommend taking the profit. However, it is best to make more rational purchases today after a downward correction to the support area of 1.2281, subject to the formation of a false breakdown there, or to a rebound from a minimum of 1.2219, which can be updated after a good report on the state of the US labor market is released.
To open short positions on GBP/USD, you need:
The bears tried to push the support of 1.281 in the first half of the day, but nothing came of it. An important task for sellers of the pound remains consolidating below 1.2281, as only such a scenario will lead to larger profit taking and to upgrade low of 1.2219, where I recommend taking the profit. If the bullish momentum is maintained above the resistance of 1.2343, it is best to consider new short positions after updating the highs of 1.2387 and 1.2427.
Signals of indicators:
Moving Averages
Trading is around 30 and 50 moving averages, indicating market uncertainty.
Bollinger Bands
Volatility is low, which does not give signals to enter 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
