To open long positions on the GBP / USD pair, you need:
Pound buyers are gradually returning to the market after news that tomorrow there will be a vote in Parliament for alternative Brexit scenarios. Given this situation, trading will be above the support of 1.3215 as demand for the pound will continue, which leaves a chance for a resumption of the upward correction to the highs of 1.3266 and 1.3316, where I recommend taking profits. In the case of a repeated decline of the pound below the level of 1.3215 amid the news on Brexit, it is best to consider long positions on a rebound from the lows of 1.3166 and 1.3126.
To open short positions on the GBP / USD pair, you need:
The bears have missed the resistance level of 1.3215 and the main task in the afternoon will be to return to this range. In this scenario, trading will continue in a wider side channel with an upper border of 1.3240 and a lower border of 1.3166. In case of further growth in GBP/USD, it is best to consider short positions on a false breakdown from the resistance of 1.3266 or a rebound from the high of 1.3316. Important fundamental data on the UK economy is not expected today, hence, the whole emphasis will be on the news about Brexit.
More in the video forecast for March 26
Indicator signals:
Moving averages
Trade is conducted above the 30- and 50-medium moving averages, which indicates the bullish nature of the market. Maintaining the given scenario is important in order to update new local maximums.
Bollinger bands
The downward correction for the pound is limited by the lower limit of the Bollinger Bands indicator in the area of 1.3166.
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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