To open long positions on the GBP / USD pair, you need:
The Bank of England kept interest rates unchanged, saying that they were ready to raise them in the future provided that Britain will leave the EU in an orderly manner. This supported the pound, which fell sharply in the morning before the EU summit. Traders can return to purchases after fixing above the resistance of 1.3131, which will lead to an upward correction in the area of 1.3173 and 1.3222, where I recommend taking profits. In the case of further reductions on the news on Brexit, the long positions are best to look at the rebound from the lows of 1.3085 and 1.3034.
To open short positions on the GBP / USD pair, you need:
Bears coped with the task for the first half of the day but a further decrease is possible only with negative news on the postponement of the UK exit date from the EU. A failed consolidation above 1.3131 will be the first sell signal for the pound. Otherwise, short positions can be opened for a rebound from the maximum of 1.3173 and 1.3222. The main targets of the bears will be the minimums near 1.3085 and 1.3034, where I recommend taking profits.
More in the video forecast for March 21
Indicator signals:
Moving averages
Trading is below 30- and 50-moving averages, which indicates the advantage of the pound sellers.
Bollinger bands
In the case of an upward correction in the pound in the second half of the day, growth may be limited by the average border of the Bollinger Bands indicator around 1.3194.
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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