FX.co ★ GBP/USD: trading plan for American session on November 8. Overview of morning trade. GBP oscillating sideways amid lack of interest among large investors.

What is needed to open long positions on GBP/USD

Judging by the chart, volatility of GBP/USD calmed down at the end of the last week. Today, the technical picture will hardly change. Let's look at the 5-minute chart and try to figure out what happened in the first half of the trading day and what signals the chart generated. It is clear that a fake breakout at near 1.3464 gave an excellent buy signal. So, GBP will be able to rebound promptly towards resistance of 1.3504. This is the level where the currency pair is trading at the time of writing this article. As long as GBP/USD stays above 1.3464, we can reckon an intraday upward correction with a breakout of 1.3504. Technically, nothing has changed so far.

Bollinger Bands is a momentum indicator. The upper and lower bands are typically 2 standard deviations +/- from a 20-day simple moving average.Non-commercial traders - speculators such as retail traders, hedge funds and large institutions who use the futures market for speculative purposes and meet certain requirements.Non-commercial long positions represent the total long open position of non-commercial traders.Non-commercial short positions represent the total short open position of non-commercial traders.The overall non-commercial net position balance is the difference between short and long positions of non-commercial traders.