To open long positions on GBP/USD, you need:
The divergence on the MACD indicator, which I paid attention to in the morning forecast, helped the buyers of the pound to stop the fall and form a small upward correction. While trading is above the support of 1.2930, we can expect the growth of GBP/USD in the area of the morning resistance of 1.2990, where I recommend fixing the profits. In the scenario of breakdown and further movement along with the trend, it is best to consider long positions on the rebound from the minimum of 1.2877.
To open short positions on GBP/USD, you need:
The bears made an attempt to continue the downward movement of the pound after a weak report on the UK labor market, but it did not come to a major sale. In the afternoon, the goal will be the breakdown and consolidation below the support of 1.2930, which will lead the pair to a new weekly minimum in the area of 1.2877, where I recommend fixing the profits. With the growth of the pound, it is possible to consider short positions on the rebound from the morning resistance level of 1.2990.
Indicator signals:
Moving Averages
Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.
Bollinger Bands
The volatility of the indicator has decreased, which does not give signals on 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
