To open long positions on GBPUSD, you need:
Buyers of the pound missed the morning level of 1.2493, but then managed to quickly recover from the support of 1.2402, from which I recommended opening long positions in my morning forecast. At the moment, the important task of the bulls will be to break through and consolidate above the resistance of 1.2493, which will strengthen the demand for the British pound and allow you to get to a larger resistance of 1.2573, where I recommend fixing the profits. If the movement in the second half of the day remains in the side channel or the pressure on GBP/USD returns, it is best to buy from the minimum of 1.2408 only after the formation of a false breakout. I recommend postponing long positions immediately for a rebound until a test of a minimum of 1.2294.
To open short positions on GBPUSD, you need:
Sellers of the pound coped with the morning task and returned to the level of 1.2493, from which, as you can see on the 5-minute chart, with a repeated test from the bottom up, a good sell signal was formed, which quickly fell pair to the support of 1.2408. At the moment, sellers need to protect the resistance of 1.2493, which buyers of the pound are gradually approaching. An unsuccessful consolidation above this range will be another signal to open short positions based on the third test of the minimum of 1.2408, which may lead to a larger sale of GBP/USD to the area of the minimum of 1.2294, where I recommend fixing the profits. In the scenario of a pair growth above the resistance of 1.2493, one can return to the same short positions to rebound from a maximum of 1.2573.
Signals of indicators:
Moving averages
Trading is conducted below the 30 and 50 daily averages, which indicates that the advantage of sellers of the pound remains.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
Growth will be limited by the upper level of the indicator in the area of 1.2521, from which you can watch short positions today. The downward movement will also be limited by the lower level of the indicator in the area of 1.2408.
Description of indicators
- Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
- Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
- MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
- Bollinger Bands (Bollinger Bands). Period 20
