To open long positions on the GBP / USD pair, you need:
Today, pound buyers will try to block the next gap, which was formed at the opening of the Asian session but the main task for the bulls is to return and fix above the resistance of 1.3026, which is not so easy to do. If the pair continues to follow the downward trend, long positions can return only on a false breakdown around 1.2970, which may occur after the update of today's low or on a rebound from larger support of 1.2909.
To open short positions on the GBP / USD pair, you need:
The main purpose of the pound sellers for today will be the return and consolidation below the support level of 1.2970, which will lead to a new downward wave with a test of the minimum levels of 1.2909 and 1.2855, where I recommend taking profits. In case there is no pound after fixing below 1.2970to quick sales, it is best to postpone short positions and wait for an upward correction to the resistance of 1.3026, where the moving averages are also located. In the absence of sellers at this level, you can open short positions immediately to rebound from a high of 1.3082.
Found in the video review.
Indicator signals:
Moving averages
Trade is conducted below the 30-day and 50-day moving, which maintains the downward trend in the pound.
Bollinger bands
In the case of a decrease in the pound, support will be provided by the lower limit of the Bollinger Bands indicator around 1.2936. The upward correction will be limited to the upper limit in the area of 1.3068, from where you can watch pound sales.
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