To open long positions on the GBP / USD pair, you need:
The pound broke above the resistance of 1.3150, which led to the expected target to be near 1.3214, which I paid attention to in my morning forecast. At the moment, the expectations associated with the Brexit postponement can help the GBP/USD pair to consolidate above the resistance of 1.3214, which will give a new upward impulse and lead the pair to the area of maximum 1.3261 and 1.3348, where I recommend taking profits. In the case of a downward correction of the pound in the second half of the day, long positions can return to rebound from the support of 1.3149.
To open short positions on the GBP / USD pair, you need:
Sellers showed themselves from the resistance level of 1.3214, which I paid attention to in the morning review. While the trade is conducted below this range, the GBP/USD bears can return to the support area of 1.3149, where I recommend taking profits. In the event of further upward movement and consolidation above 1.3214, which will depend on the news from Brexit and the performance of Fed Chairman Jerome Powell, it is best to expect new short positions to rebound from the highs of 1.3261 and 1.3348.
More in the video forecast for February 26
Indicator signals:
Moving averages
Trade is conducted above the 30- and 50-medium moving, which indicates the bullish nature of the market.
Bollinger bands
In the case of a downward correction, the support will be provided by the average Bollinger Bands indicator around 1.3149.
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
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