To open long positions on the GBP / USD pair, you need:
Inflation data did not help the pound to return above the middle of the channel, as they completely coincided with economists' forecasts. It is best to consider long positions in the GBP/USD pair after returning and fixing above the resistance of 1.3064, which will lead to updating the upper limit of the wide side channel around 1.3094 and test the maximum of 1.3118, where I recommend taking profits. In the scenario of another wave reduction of the pound, it is best to rely on long positions after a false breakdown in the area of 1.3032 and best on a rebound from the lows of 1.3010 and 1.2989.
To open short positions on the GBP / USD pair, you need:
In the first half of the day, the bears need to form a false breakdown in the area of resistance at 1.3064, which will increase the pressure on the pair and will lead to another test of large support at 1.3032, from which the pound has rebounded four times already. Only a breakthrough of this range will increase the pressure on the GBP/USD pair, which will open a direct road to the area of minimum at 1.3010 and 1.2989, where I recommend taking profits. In a growth scenario above 1.3064 after the release of a retail sales report, it is best to rely on short positions for a rebound from resistance 1.3094.
More details about the forecast can be found in the video review.
Indicator signals:
Moving averages
Trade is conducted in the region of 30 and 50 moving averages, which indicates the formation of a side channel.
Bollinger bands
The volatility of the Bollinger Bands indicator has seriously decreased, 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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