To open long positions on GBP/USD you need:
Buyers have reached a large resistance of 1.3119, which I paid attention to in my morning review. In the second half of the day, breakdown and consolidation above the range of 1.1319 are required, which will lead to a new demand for the pound and an update of the highs of 1.3162 and 1.3212, where I recommend fixing the profits. In the case of a downward correction scenario, the support will be at 1.3061. You can also look at the long positions on the rebound from the minimum 1.3011.
To open short positions on GBP/USD you need:
The bears showed themselves after the test of resistance 1.3119, to which I paid attention in the morning. Now, the sellers' first goal is to return to the support area of 1.3061, which was formed in the morning. Its breakdown will lead to a larger downward movement in the area of minimum 1.3011, where I recommend fixing the profits. When the growth scenario is above the high of 1.3119, it is best to rely on new sales to rebound from the resistance of 1.3162.
Indicator signals:
Moving Averages
Trade is conducted above 30-day and 50-moving averages, which indicates the formation of an upward correction in the pound.
Bollinger bands
In the case of a decline, support will be provided by the average Bollinger Bands indicator around 1.3040.
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
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