06.11.2019 08:17 AM
GBP/USD: plan for the European session on November 6. Bears failed to cope with the 1.2875 support. Traders are waiting for the first results of opinion polls

To open long positions on GBP/USD you need:

Data on the service sector yesterday only provided temporary support to the pound, however, the bulls did their job and managed to keep trading above the support level of 1.2875, on which the further movement of the pair depends. Much will be decided by the first results of polls in the UK regarding elections. Nothing has changed much from a technical point of view. Only the formation of a false breakout in the support area of 1.2875 will be the first signal to open long positions. Otherwise, purchasing is best done after updating the area of 1.2845, but it is better to immediately rebound from the major low of last week at 1.2807. A secondary task of the bulls will be a return to the resistance of 1.2913, consolidating on which will lead to a larger upward momentum of the pair in the area of highs 1.2941 and 1.2971, where I recommend profit taking.

To open short positions on GBP/USD you need:

Sellers will expect to consolidate the pair below support at 1.2875, which could push the pound further to the area of larger lows 1.2845 and 1.2807, where I recommend profit taking. The further upward trend will depend on how the bears show themselves in the support area of 1.2807. Important fundamental statistics are not expected to be released today, so traders will focus on any news regarding the UK election. A more important task for sellers, in case of growth, will be to keep the pair below the resistance of 1.2913, the formation of which a false breakout will act as the first signal to sell the pound. However, selling GBP/USD immediately for a rebound is best done from a high of 1.2941.

Signals of indicators:

Moving averages

Trading is below 30 and 50 moving averages, which indicates a possible decline in the pound in the short term.

Bollinger bands

A break of the lower boundary of the indicator at 1.2865 will increase pressure on the pound. Growth will be limited by the upper level of the indicator at 1.2905.

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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
Miroslaw Bawulski,
Analytical expert of InstaForex
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