To open long positions on GBPUSD, you need:
The bulls smoothly approached the major resistance of 1.3092, which will determine the further direction of the pair. This is what I paid attention to in my morning forecast. Given that there were no signals to enter the market, I highlighted the area on the 5-minute chart where a false breakout can be formed. Or a good entry point for long positions can be formed there. If the bulls manage to cling to the level of 1.3092 in the afternoon and gain a foothold above this range, we can expect to continue the growth of GBP/USD to the maximum of 1.3181, where I recommend fixing the profits. However, do not forget about the report on the US labor market, which may cool the ardor of the bulls a little. If the pair returns to the level of 1.3092 after an unsuccessful attempt to grow, it is best to postpone long positions on the pound until the support of 1.3008 is updated and buy there immediately for a rebound in the expectation of a correction of 30-40 points within the day.
To open short positions on GBPUSD, you need:
Sellers need to break below the support of 1.3008, as only a consolidation below this level will be a good signal for further opening of short positions in the expectation of reducing the pair to a minimum of 1.2946. The longer-term goal will be a minimum of 1.2879, where I recommend fixing the profits. In the scenario of further recovery of the pair today in the second half of the day, it is best not to rush with sales, and wait for the formation of a false breakout in the resistance area of 1.3092. I recommend selling GBP/USD immediately on a rebound only from the maximum of this month in the area of 1.3181, counting on a correction of 30-40 points within the day.
Signals of indicators:
Moving averages
Trading is just above the 30 and 50 daily averages, which indicates further growth of the pound.
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
If the pair declines in the second half of the day, you can open long positions immediately on the rebound from the lower border of the indicator in the area of 1.3008.
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
- Non-profit speculative traders, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.
- Long non-commercial positions represent the total long open position of non-commercial traders.
- Short non-commercial positions represent the total short open position of non-commercial traders.
- Total non-commercial net position is the difference between short and long positions of non-commercial traders.
