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GBP / USD: plan for the European session on December 24. The pound remains in the channel

To open long positions on GBP / USD, you need:

While trading is above the middle of channel of 1.2655, the demand for the British pound will continue, and the main task will be a breakout and consolidation above the resistance of 1.2707, which will resume the uptrend and lead to new highs in the area of 1.2755 and 1.2810, where I recommend fixing the profits. If the scenario of a decline in GBP / USD is below support at 1.2655, long positions can be seen from the lows at 1.2607 and 1.2556.

To open short positions on GBP / USD, you need:

Short positions in the pound are best to look for after an unsuccessful fixing above the resistance of 1.2707, which can lead to re-test and breakdown of support 1.2655, which will increase the pressure on GBP / USD and collapse the pair to a minimum in the area of 1.2607 and 1.2556, where I recommend fixing the profits. In the case of a pound rising above 1.2707, which is unlikely, short positions can be opened immediately to rebound from a new weekly high of 1.2755.

Indicator signals:

Moving Averages

Trade is conducted just above the 30-day and 50-day moving average, with a short-term advantage of buyers of the British pound.

Bollinger bands

Bollinger Bands indicator volatility has decreased, which does not give signals on market entry.

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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

The material has been provided by InstaForex Company - www.instaforex.com