To open long positions on the GBP / USD pair, you need:
Pound buyers are gradually returning to the market, entrenched above resistance 1.3212. As long as trading continues above this range, the demand for the pound will continue, which leaves a possibility for a continuation of the upward correction to the highs of 1.3261 and 1.3316, where I recommend taking profits. In the case of a repeated decline of the pound under the level of 1.3212 on the news on Brexit, it is best to consider long positions on a rebound from the lows of 1.3162 and 1.3122.
To open short positions on the GBP / USD pair, you need:
The bears have missed the resistance level of 1.3212 and the main task for the second half of the day will be to return to this range. In this scenario, trading will continue on a wider side channel with an upper border of 1.3261 and a lower border of 1.3162. In the case of further growth of GBP/USD, it is best to consider short positions on a false breakdown from the resistance of 1.3261 or a rebound from the high of 1.3316. Important fundamental data on the UK economy is not expected today but the whole emphasis will be on the news about Brexit.
More in the video forecast for March 27
Indicator signals:
Moving averages
Trade is conducted above the 30- and 50-medium moving averages, which indicates the bullish nature of the market. It is necessary to update new local maximums in order to sustain this trend.
Bollinger bands
The downward correction on the pound is limited by the lower limit of the Bollinger Bands indicator in the area of 1.3175.
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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