To open long positions on GBP/USD, you need:
The data that came out today on the unemployment rate in the UK was completely ignored by traders, even despite the small increase in the number of applications for benefits. The formation of a false breakout in the area of 1.3118 will be the first signal to sales, and if the pound rises above 1.3118, you can sell on a rebound from the new weekly high in the area of 1.3160. The main goal of the bears will be to decrease to the lower border of the channel to the area of 1.3052 and consolidate under it, which will lead to an update of the minimum in the area of 1.3021, where I recommend fixing the profit.
To open short positions on GBP/USD, you need:
The data that came out today on the unemployment rate in the UK were completely ignored by traders, even despite the small increase in the number of applications for benefits. The formation of a false breakout in the area of 1.3118 will be the first signal to sales, and if the pound rises above 1.3118, you can sell on a rebound from the new weekly high in the area of 1.3160. The main goal of the bears will be to decrease to the lower border of the channel to the area of 1.3052 and consolidate under it, which will lead to an update of the minimum in the area of 1.3021, where I recommend fixing the profit.
Indicator signals:
Moving Averages
Trading is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger bands
In the scenario of the pound decline, the lower limit of the Bollinger Bands indicator in the area of 1.3075 will act as support, the breakthrough of which will lead to a sharp decline in the pound. The breakthrough of the upper boundary in the area of 1.3107 may increase the demand for GBP/USD.
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