To open long positions on GBP/USD, you need:
Buyers of the pound cannot find a good level of support from which it would be possible to build an upward correction. At the moment, the task of the bulls is to break and consolidate above the resistance of 1.2900, which will lead to the growth of the pound in the resistance area of 1.2929, where I recommend fixing the profits. In the scenario of further pair decline, it is best to consider long positions after the formation of a false breakout in the area of 1.2867 or a rebound from a larger minimum of 1.2812.
To open short positions on GBP/USD, you need:
Bears will try to prevent the growth of the pound above the resistance of 1.2899, and the formation of a false breakdown there after the correction in the second half of the day will lead to a repeated decline in GBP/USD to the minimum of 1.2867. The main task of the sellers of the pound will be to consolidate below this range with the update of the level of 1.2812, where I recommend fixing the profit. When the growth scenario is above the resistance of 1.2899, you can sell a pound to rebound from a maximum of 1.2929.
Indicator signals:
Moving Averages
Trading is conducted below 30 and 50 moving averages, which indicates the preservation of the bearish nature of the market.
Bollinger Bands
In the case of growth, the upper limit of the Bollinger Bands indicator around 1.2924 will act as resistance, from which you can sell a pound for a rebound.
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
