To open long positions on GBP/USD, you need:
Buyers of the pound will be interested in the support level of 1.3036 in the afternoon, but it is best to open long positions when a false breakdown is formed. In a different scenario, purchases will be relevant to the rebound from the monthly low around 1.2988. The challenge for the bulls is still the resistance of 1.3111. Only its breakthrough will resume the upward correction in GBP/USD with the target at 1.3160 and 1.3195.
To open short positions on GBP/USD, you need:
Given the uncertainty with Brexit and the probability of an exit scenario without an agreement, the pressure on the pound will remain but it is best to open short positions after updating large resistance levels in the area of 1.3111 and 1.3160. The task of the bears in the afternoon will be a breakthrough and consolidation below the good support of 1.3036, which will lead to an immediate sale of the pound to the area of the minimum of 1.2988 and to update the area of 1.2950, where I recommend fixing the profits.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market with a bearish advantage.
Bollinger bands
Breakthrough of the lower border of the Bollinger Bands indicator in the area of 1.3036 will lead to a new wave of the pound decline.
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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