To open long positions on GBP/USD you need:
Buyers managed to show themselves only in the large support area of 1.2987, to which I paid attention in yesterday's review. At the moment, the main task of the bulls is to protect this level, as well as to return and consolidate above the resistance of 1.3043, which will lead GBP/USD to the area of a high of 1.3084, where I recommend taking profits. In case of decline and breakdown of support at 1.2987, it is best to look at long positions for a rebound from the next low of 1.2946.
To open short positions on GBP/USD you need:
Throughout the week, today, the bears will concentrate on forming a false breakdown along the trend in the resistance area of 1.3043, where the moving average passes and where the upper limit of the downward channel is located. However, the main task of the sellers will be a breakthrough and a return below the support level of 1.2987, which will push the GBP/USD pair into new lows of 1.2946 and 1.2905, where I recommend taking profits. If the growth scenario is above 1.3043, you can sell after updating the high of 1.3084, or to rebound from the resistance of 1.3125.
Indicator signals:
Moving averages
Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.
Bollinger bands
The indicator volatility is very low, which does not provide any signal for entering the market.
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
