To open long positions on the GBP / USD pair, you need:
Despite good inflation data in the UK, pressure on the pound remains prior to tomorrow's important decision of the Bank of England on interest rates and the EU summit, which will discuss the issue related to Brexit. Buyers managed to return from the support level of 1.3220, to which I paid attention in my morning forecast. Now their main task will be a breakthrough and consolidation above the resistance of 1.3266, which will lead to a larger upward trend of the pound to the area of maximum at 1.3316 and 1.3375, where I recommend taking profits. In the event of a further decline in the pound and a break of support at 1.3220, it is best to rely on new purchases at the lower limit of the lateral range in the area of 1.3182 and 1.3131.
To open short positions on GBP / USD pair, you need:
The bears tried to break below the support of 1.3220 in the first half of the day and formed a resistance level of 1.3266. As long as trading continues below this range, the pressure on the pound will continue, leading to a repeated attempt at the support test of 1.3220. Its breakdown will increase the pressure on the GBP/USD pair and the main task of sellers will be to update the lows around 1.3182 and 1.3131, where I recommend taking profits. In the case of the pound rising above the resistance of 1.3266, short positions can return to rebound from the highs of 1.3316 and 1.3375.
More in the video forecast for March 20
Indicator signals:
Moving averages
Trading is below 30 and 50 moving averages, which indicates the advantage of the pound sellers.
Bollinger bands
A breakthrough with the lower boundary of the Bollinger Bands indicator near the level of 1.3220 may increase the pressure on the pair.
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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