To open long positions on the GBP / USD pair, you need:
Pound buyers took advantage of the morning support level around 1.2909, after the update of yesterday's low and formed divergence on the MACD indicator then returned to the market. The task for the second half of the day will be a breakthrough and consolidation above 1.2948 resistance, which will lead to a new rising GBP / USD wave with the update of the highs around 1.2985 and 1.3017, where I recommend taking profits. In the case of a repeated decline of the pound to the minimum of the day, it is best to open long positions from 1.2916 only if a false breakdown is formed or to rebound from the level of 1.2888.
To open short positions on the GBP / USD pair, you need:
As long as the bears are keeping the pair below 1.2948 resistance, the probability of a further decrease in the pound remains rather high. The formation of the next false breakout on this range will be a signal to open short positions, which will again lead the GBP / USD pair to the support area of 1.2916. Its breakdown will open the opportunity to update the minimums of 1.2888 and 1.2855, where I recommend to fix the profit. If the growth scenario is above 1.2948 in the second half of the day, it is best to return to short positions on a rebound from the maximum of 1.2985 and 1.3017.
Indicator signals:
Moving averages
Trade is conducted below 30 and 50 moving averages, which indicates the preservation of the bearish nature of the market.
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
The material has been provided by InstaForex Company - www.instaforex.com
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