To open long positions on the GBP / USD pair, you need:
The data released in the first half of the day on the UK economy, particularly the PMI index for the manufacturing sector, did not support the pound as they coincided with economists' forecasts. The technical picture in the pair remained unchanged. It is best to return to long positions after fixing above the resistance of 1.3276, which can lead to the termination of stop orders of sellers and a sharper upward movement to the area of maximum at 1.3346, where I recommend taking profits. In case of further downward correction, long positions can be viewed at the false breakdown from the support of 1.3204 or at the rebound from the low of 1.3144.
To open short positions on the GBP / USD pair, you need:
Bears are slowly but surely striving for the support level of 1.3204 and as long as the trade is conducted below this range, the pressure on the pair will continue. However, in case the pound rises in the second half of the day, only an unsuccessful consolidation above the resistance of 1.3276 will be a signal to open short positions. Otherwise, selling the GBP/USD pair is best for a rebound from the maximum of 1.3346. The main goal is at least to the level of 1.3144, where I recommend fixing the profit.
More in the video forecast for March 1
Indicator signals:
Moving averages
Trade is conducted above 30- and 50-medium-moving, which indicates a bearish market correction.
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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