To open long positions for GBP/USD, it is required:
A false breakout and a return to 1.2739 will be the first signal to buy the pound in order to restore to the resistance area of 1.2789 and update the high in the area of 1.2847, where I recommend profit taking. If the pound drops below the support area of 1.2739, it is best to count on long positions after updating a large level of 1.2677.
To open short positions for GBP/USD, it is required:
The downward trend is maintained. The formation of a false breakout at the resistance of 1.2789 will be another signal for selling. The main task for the first half of the day will be to consolidate below the support of 1.2739, which will lead to another major wave of sales in the GBP/USD pair in the expectation of updating the area of 1.2677 and 1.2594, where I recommend to lock in the profit. In the event of a growth in the pound above 1.2789, it is best to consider short positions after hitting resistance at 1.2847 and 1.2893.
Indicator description
- Moving Average (average sliding) 50 days - yellow
- Moving Average (average sliding) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA 9
- Bollinger Bands 20
