To open long positions on the GBP / USD pair, you need:
Buyers have not managed to return to the resistance level of 1.3194, which led to a decrease in the pound in the morning. At the moment, you can rely on the formation of a false breakdown in the area of support at 1.3122. However, larger purchases are best done on a rebound from 1.3049 and 1.2973 lows. The main objective remains the same which is to break through the resistance level of 1.3194 that will open the way to the highs of 1.3251 and 1.3308.
To open short positions on the GBP / USD pair, you need:
Sellers need a breakdown of the lower boundary of the side channel in the area of 1.3122 in the second half of the day. In turn, this will lead to a larger sale with an update of 1.3049 and 1.2973 minima, where I recommend taking profits. Given the growth scenario of the pound in the second half of the day, only a false breakdown in the area of resistance at 1.3194 will be the first signal for sales. Otherwise, opening short positions can be safely opened from the highs of 1.3251 and 1.3308.
More in the video forecast for March 7
Indicator signals:
Moving averages
Trade is conducted in the region of 30- and 50-medium moving, but the market is already on the side of sellers.
Bollinger bands
Bollinger Bands indicator volatility is very low, which does not give signals on market entry.
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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