To open long positions on GBP / USD you need:
A weak data on UK GDP will be released today in the first half of the day which will lead to a surge in market volatility, but all attention will be focused on tomorrow's decision on Brexit. For purchases, the support area of 1.2702 is viewed, but on condition of a false breakdown. Otherwise, you can open long positions to rebound from a minimum of 1.2657. More so, fixation above resistance 1.2752 will also be a signal to buy a pound in order to update the highs of 1.2788 and 1.2833 where I recommend taking profits.
To open short positions on GBP / USD you need:
To open short positions, it require the formation of a false breakdown in the area of resistance 1.2752 or return and consolidation below the support level of 1.2702. A weak report on UK GDP will help the bears derail the British pound to the lower border of the side channel 1.2657, where I recommend taking profits. In the case of a pair rising above resistance 1.2752 in the first half of the day, it is possible to open short positions on the pound to rebound from a maximum of 1.2788 and 1.2833, where more sellers are concentrated.
Indicator signals:
Moving averages
Trade is conducted in the area of 30- and 50 = daily moving averages, which indicates the lateral nature of the market.
Bollinger bands
The volatility of the Bollinger Bands indicator is low, which does not give signals on market entry.
More details about the forecast can be found in the video review.
Description of indicators
- MA (moving average) 50 days - yellow
- MA (moving average) 30 days - green
- MACD: fast EMA 12, slow EMA 26, SMA 9
- Bollinger Bands 20
