To open long positions on the GBP / USD pair, you need:
Buyers showed themselves after the test of support at 1.2977, to which I paid attention in my morning review. This led to a large upward rebound of the pair and the test of resistance at 1.3009, which limits the further upward potential of the pound. A breakthrough of this range will open up the opportunity for an upward correction in the area of 1.3036 and 1.3065, where I recommend taking profits. Under the scenario of a retracement of GBP/USD pair to the lower border of the side channel 1.2977, long pound positions are best postponed until new lows of 1.2940 and 1.2909 are updated.
To open short positions on the GBP / USD pair, you need:
The bears did not cope with the task for the first half of the day and failed to break below the support of 1.2977. The main goal is to break through and consolidate below this range, which will lead to the renewal of new local minima near 1.2940 and 1.2909, where I recommend taking profits. So far, the sellers have managed only to form a false breakdown in the area of resistance 1.3009 but there is no pressure on the pound. In case that the price returned at 1.3009, short positions are best deferred until the highs of 1.3036 and 1.3065 are updated.
Indicator signals:
Moving averages
Trading is conducted above 30 and 50 moving averages, which indicates a possible continuation of the formation of a bullish correction.
Bollinger bands
The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.
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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