To open long positions on the GBP / USD pair, you need:
Buyers coped with the task and managed to consolidate above the resistance of 1.3145. If it is possible to keep above this range after the release of US data, the demand for a pound will lead to an update of the maximum of 1.3229, where I recommend taking profits. In the case of a decrease in the pound below the level of 1.3145 in the second half of the day, it is best to return to long positions to rebound from the support of 1.3085.
To open short positions on the GBP / USD pair, you need:
Any decision on Brexit today may lead to another surge in volatility. Sellers need a scenario in which the chance of indiscriminate withdrawal of the UK from the EU will increase. Returning and consolidating below the support level of 1.3145 can lead to profit taking on long positions and GBP/USD decline in the support area of 1.3085, where I recommend taking profits. In the case of further growth of the pound, you can return to short positions from a maximum of 1.3229 and 1.3313.
More details in the video forecast for March 13
Indicator signals:
Moving averages
Trade is conducted in the area of 30- and 50-medium moving, which indicates a high probability of a side channel.
Bollinger bands
A break of the upper border of the Bollinger Bands indicator around 1.3165 will lead to a new wave of pound growth. In the case of a downward correction, the average border of the indicator in the 1.3105 area will provide support.
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