To open long positions on GBPUSD, you need:
In the morning, I pointed to the return of the pound to the resistance level of 1.3000, a break above which would provide the bulls with a more powerful upward correction. However, there was no fixing on this range, as well as a signal to open long positions, the purpose of which was to update the highs of 1.3074 and 1.3128, where I recommended fixing the profit. At the moment, the pressure on the pair is gradually returning, but the bulls will try to protect the support of 1.2930, but only the formation of a false breakout on it will be a signal to open long positions. For a more reliable scenario, it is best to postpone purchases until the lows of 1.2879 and 1.2831 are updated.
To open short positions on GBPUSD, you need:
Bears today need to return the pound to the support of 1.2930, but only a breakdown and consolidation below this range will form a new downward channel, which will lead to further preservation of the trend with the pair entering the area of the lows of 1.2879 and 1.2831, where I recommend taking the profits. In the scenario of GBP/USD growth in the second half of the day, you can return to short positions on a false breakout near the maximum of 1.3000 or sell the pound immediately on a rebound from the resistance of 1.3074.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 daily averages, which indicates the lateral nature of the market.
Bollinger Bands
In the case of further decline of the pound, the lower border of the indicator around 1.2945 will provide support. Growth is still limited by the upper level of the indicator in the area of 1.3000.
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.
